Hindenburg Tether Bounty Terms and Conditions

Last updated: October 19, 2021

The Hindenburg Tether Bounty Programs Terms and Conditions (“Terms“) cover your participation in the Hindenburg Tether Bounty Program (the “Program“). These Terms are between you and Hindenburg Research LLC (“Hindenburg,” “us” or “we“). By submitting any information to Hindenburg or otherwise participating in the Program in any manner, you accept these Terms.

PROGRAM OVERVIEW

The Program enables users to submit information which you are legally permitted to submit to Hindenburg about Tether for a chance to earn rewards in an amount up to $1,000,000 determined by Hindenburg in its sole discretion (“Bounty“). The decisions made by Hindenburg regarding Bounties are final and binding. Hindenburg may change or cancel this Program at any time, for any reason.

PROGRAM ELIGIBILITY

You ARE eligible to participate in the Program if you meet all of the following criteria:

• You are 18 years of age or older or have reached the age of majority in your country; and
• You are either an individual researcher participating in your own individual capacity, or you work for an organization that permits you to participate. You are responsible for reviewing your employer’s rules for participating in this Program.

You ARE NOT eligible to participate in the Program if you meet any of the following criteria:

• You are a resident of any countries under U.S. sanctions (see link for current sanctions list posted by the United States Treasury Department) or any other country that does not allow participation in this type of program;
• You are under the age of 18 or have not reached the age of majority in your country.
• Your organization does not allow you to participate in these types of programs;

It is your responsibility to comply with any polices that your employer may have that would affect your eligibility to participate in the Program. All payments will be made in compliance with local laws, regulations, and ethics rules. Hindenburg disclaims any and all liability or responsibility for disputes arising between an employee and their employer related to this matter.

There may be additional restrictions on your ability to enter depending upon your local law, which you are responsible for abiding by.

SUBMISSION PROCESS

You should email us to request permission to submit information. Do not submit information with your initial email. We will then respond with our terms and conditions for submission. You must then say expressly that you agree to those terms and then you may submit the information to us. Information submitted to Hindenburg shall be a “Submission.” Submissions should be sent to info@hindenburgresearch.com. Please include as much of the following information as possible about:

• Tether’s current backing, including commercial paper holdings, counterparties, and amounts.
• How Tether’s actual backing may have differed from its public disclosures.
• Historical snapshots of Tether’s backing, to illustrate any potential deviations over time from Tether’s public claims.
• Tether’s process and procedures for printing reserves, including as relates to deposits.
• Tether’s process and procedures for withdrawals, and any actual or potential issues it has with satisfying its withdrawals.
• Any other information on Tether’s service providers, peg dynamics, and client counterparties that more fully explain Tether’s peg system or reserves.

Depending on the detail of your Submission, Hindenburg may award a Bounty of varying scale, up to $1,000,000. The intention of this program is to receive original information on an exclusive basis that Hindenburg may ultimately publish. Reports with information that are sent to any party other than Hindenburg, either before, with, or after making the Submission, without the express written consent of Hindenburg may be ineligible. Reports on information that is already widely available or that has been self-disclosed by Tether or its related parties will not be eligible.

Hindenburg is not responsible for Submissions that we do not receive for any reason. If you do not receive a confirmation email after making your Submission, notify Hindenburg at info@hindenburgresearch.com to ensure your Submission was received.

CHANGES TO THESE TERMS

We may change these Terms at any time. Participating in the Program after the changes become effective means you agree to the new Terms. If you don’t agree to the new Terms, you must not participate in the Program.

If you wish to opt-out of the Program and not be considered for Bounties, contact us at info@hindenburgresearch.com. Opting out will not affect any licenses granted to Hindenburg in any Submissions provided by you.

SUBMISSION LICENSE

Hindenburg is not claiming any ownership rights to your Submission. However, by providing any Submission to Hindenburg, you:

• grant Hindenburg the following non-exclusive, irrevocable, perpetual, royalty free, worldwide, sub-licensable license to the intellectual property in your Submission: (i) to use, review, assess, test, and otherwise analyze your Submission; (ii) to reproduce, modify, distribute, display and perform publicly, and commercialize and create derivative works of your Submission and all its content, in whole or in part; and (iii) to feature your Submission and all of its content in connection with the marketing, sale, or promotion of this Program or other programs (including internal and external sales meetings, conference presentations, tradeshows, and screen shots of the Submission in press releases) in all media (now known or later developed);
• agree to sign any documentation that may be required for us or our designees to confirm the rights you granted above;
• understand and acknowledge that Hindenburg may have developed or commissioned materials similar or identical to your Submission, and you waive any claims you may have resulting from any similarities to your Submission;
• understand that you are not guaranteed any compensation or credit for use of your Submission; and
• represent and warrant that your Submission is your own work, that you haven’t used information owned by another person or entity, and that you have the legal right to provide the Submission to Hindenburg.

CONFIDENTIALITY OF SUBMISSIONS/ RESTRICTIONS ON DISCLOSURE

We take source protection very seriously, and we will strongly endeavor to protect the identify of those making Submissions.

SUBMISSION REVIEW PROCESS

After a Submission is sent to Hindenburg in accordance with the above terms, Hindenburg will review the Submission and validate its eligibility. The review time will vary depending on the complexity and completeness of your Submission, as well as on the number of Submissions we receive. There is no guarantee we can and will be able to review all Submissions.

Hindenburg retains sole discretion in determining which Submissions are qualified. If we receive multiple reports with the same information from different parties, the Bounty will be granted to the first eligible Submission as determined by Hindenburg in its sole discretion. If a duplicate report provides new information that was previously unknown to Hindenburg, we may in our sole discretion award a differential to the person submitting the duplicate report.

BOUNTY PAYMENTS

The decisions made by Hindenburg regarding Bounties are final and binding. If we have determined that your Submission is eligible for a Bounty, we will notify you of the Bounty amount and provide you with the necessary paperwork to process your payment. You may waive the payment if you do not wish to receive a Bounty.

If there is a dispute as to who the qualified submitter is, we will consider the eligible submitter to be the authorized account holder of the email address used to enter the Program.

Before receiving a Bounty, you are required to complete and submit an Internal Revenue Service tax form (e.g., Form W-9, W-8BEN, 8233) within 30 calendar days of notification of validation. If you do not complete the required forms as instructed or do not return the required forms within the time period listed on the notification message, we may not provide payment. We cannot process payment until you have completed and submitted the fully executed required documentation.

If your Submission qualifies for a Bounty, please note:

• you may not designate someone else as the Bounty recipient unless you are considered a minor in your place of residence
• if you are eligible for this Program but are considered a minor in your place of residence, we may award the Bounty to your parent/legal guardian on your behalf and require them to sign all required forms on your behalf. The Bounty will be added to the taxable income of your parent/legal guardian;
• if you are unable or unwilling to accept your Bounty, we reserve the right to rescind it; and
• if you accept a Bounty, you will be solely responsible for all applicable taxes related to accepting the payment(s).

PUBLIC RECOGNITION

To the extent that sources are comfortable with public recognition, Hindenburg wishes to publicly recognize individuals who have been awarded Bounties. Hindenburg may recognize you on web properties or other printed materials but only with your express permission in writing.

PRIVACY

See the Hindenburg Privacy Statement disclosures relating to the collection and use of your information in connection with the Program.

CODE OF CONDUCT

By participating in the Program, you will follow these rules:

• Don’t do anything illegal.
• Don’t violate any binding agreements.
• Don’t engage in any activity that exploits, harms, or threatens to harm anyone.
• Don’t send spam. Spam is unwanted or unsolicited bulk email, postings, contact requests, SMS (text messages), or instant messages.
• Don’t share inappropriate content or material.
• Don’t engage in activity that is false or misleading.
• Don’t engage in activity that is harmful to you, the Program, or others.
• Don’t infringe upon the rights of others or engage in activity that violates the privacy of others.
• Don’t help others break these rules.
• DO be prepared to back up all Submissions, claims, assertions, allegations or any other type of unsubstantiated information with evidence.

If you violate these Terms, you may be prohibited from participating in the Program in the future and any Submissions you have provided may be deemed to be ineligible for Bounty payments.

NO WARRANTIES

HINDENBURG, AND OUR AFFILIATES, RESELLERS, DISTRIBUTORS, AND VENDORS, MAKE NO WARRANTIES, EXPRESS OR IMPLIED, GUARANTEES OR CONDITIONS WITH RESPECT TO THE PROGRAM. YOU UNDERSTAND THAT YOUR PARTICIPATION IN THE PROGRAM IS AT YOUR OWN RISK. TO THE EXTENT PERMITTED UNDER YOUR LOCAL LAW, WE EXCLUDE ANY IMPLIED WARRANTIES IN CONNECTION WITH THE PROGRAM. YOU MAY HAVE CERTAIN RIGHTS UNDER YOUR LOCAL LAW. NOTHING IN THESE TERMS IS INTENDED TO AFFECT THOSE RIGHTS, IF THEY ARE APPLICABLE.

LIMITATION OF LIABILITY & BINDING ARBITRATION

If you have any basis for recovering damages in connection with the Program (including breach of these Terms), you agree that your exclusive remedy is to recover, from Hindenburg or any affiliates, resellers, distributors, third-party providers, and vendors, direct damages. You can’t recover any other damages or losses, including consequential, lost profits, special, indirect, incidental, or punitive. These limitations and exclusions apply even if this remedy doesn’t fully compensate you for any losses or fails of its essential purpose or if we knew or should have known about the possibility of the damages. To the maximum extent permitted by law, these limitations and exclusions apply to anything or any claims related to these Terms and the Program.

BINDING ARBITRATION AND CLASS ACTION WAIVER If You Live In (or If a Business Your Principal Place of Business Is In) the United States

We hope we never have a dispute, but if we do, you and we agree to try for 60 days to resolve it informally. If we can’t, you and we agree to binding individual arbitration before the American Arbitration Association (“AAA“) under the Federal Arbitration Act (“FAA“), and not to sue in court in front of a judge or jury. Instead, a neutral arbitrator will decide and the arbitrator’s decision will be final except for a limited right of review under the FAA. Class action lawsuits, class-wide arbitrations, private attorney-general actions, and any other proceeding where someone acts in a representative capacity aren’t allowed. Nor is combining individual proceedings without the consent of all parties. “We,” “our,” and “us” includes Hindenburg and Hindenburg’s affiliates.

• Disputes Covered—Everything Except IP. The term “dispute” is as broad as it can be. It includes any claim or controversy between you and us concerning the Program or these Terms, under any legal theory including contract, warranty, tort, statute, or regulation, except disputes relating to the enforcement or validity of your, your licensors’, our, or our licensors’ intellectual property rights.
• E-Mail a Notice of Dispute First. If you have a dispute and we can’t resolve it, send a Notice of Dispute by e-mail info@hindenbugresearch.com. Tell us your name, address, how to contact you, what the problem is, and what you want. We’ll do the same if we have a dispute with you. After 60 days, you or we may start an arbitration if the dispute is unresolved.
• Arbitration Procedure. The AAA will conduct any arbitration under its Commercial Arbitration Rules (or if you are an individual or if the value of the dispute is $75,000 or less whether or not you are an individual, its Consumer Arbitration Rules). For more information, see www.adr.org or call 1-800-778-7879. In a dispute involving $25,000 or less, any hearing will be telephonic unless the arbitrator finds good cause to hold an in-person hearing instead. Any in-person hearing will take place in your county of residence (or if a business your principal place of business) or our principal place of business—New York, NY if your dispute is with Hindenburg. You choose. The arbitrator may award the same damages to you individually as a court could. The arbitrator may award declaratory or injunctive relief only to you individually to satisfy your individual claim.

Arbitration Fees and Payments.

• Disputes Involving $75,000 or Less. If you reject our last written settlement offer made before the arbitrator was appointed, your dispute goes all the way to an arbitrator’s decision (called an “award”), and the arbitrator awards you more than this last written offer, we will: (i) pay the greater of the award or $1,000; (ii) pay your reasonable attorney’s fees, if any; and (iii) reimburse any expenses (including expert witness fees and costs) that your attorney reasonably accrues for investigating, preparing, and pursuing your claim in arbitration.
• Disputes Involving More than $75,000. The AAA rules will govern payment of filing fees and the AAA’s and arbitrator’s fees and expenses.
• Conflict with AAA Rules. These Terms govern to the extent they conflict with the AAA’s Commercial Arbitration Rules or Consumer Arbitration Rules.
• Must File Within One Year. You and we must file arbitration any claim or dispute (except intellectual property disputes) within one year from when it first could be filed. Otherwise, it’s permanently barred.
• Rejecting Future Arbitration Changes. You may reject any change we make to this section (except address changes) by sending us notice within 30 days of the change by e-mail to the address in section (b). If you do, the most recent version of the section before the change you rejected will apply.
• Severability. If the class action waiver is found to be illegal or unenforceable as to all or some parts of a dispute, then those parts won’t be arbitrated but will proceed in court, with the rest proceeding in arbitration. If any other provision of this section is found to be illegal or unenforceable, that provision will be severed but the rest of this section still applies.

CHOICE OF LAW AND PLACE TO RESOLVE DISPUTES

If you live in (or, if a business, your principal place of business is in) the United States, the laws of the state where you live govern all claims, regardless of conflict of laws principles, except that the Federal Arbitration Act governs all provisions relating to arbitration. You and we irrevocably consent to the exclusive jurisdiction and venue of the state or federal courts in New York, NY, for all disputes arising out of or relating to these Terms or the Program that are heard in court (excluding arbitration and small claims court).

MISCELLANEOUS

These Terms and the Hindenburg Privacy Statement are the entire agreement between you and Hindenburg for your Participation in the Program. It supersedes any prior agreements between you and Hindenburg regarding your participation in the Program. All parts of these Terms apply to the maximum extent permitted by relevant law. If a court or arbitrator holds that we can’t enforce a part of these Terms as written, we may replace those terms with similar terms to the extent enforceable under the relevant law, but the rest of these Terms won’t change.

IF YOU DO NOT AGREE TO THESE TERMS, PLEASE DO NOT SEND US ANY SUBMISSIONS OR OTHERWISE PARTICIPATE IN THIS PROGRAM.