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Cryptocurrency News Articles
Tether FUD reignites as concerns over the lack of third-party audits mount
Sep 20, 2024 at 03:32 pm
Investor concerns are mounting around Tether, the issuer of the world's largest stablecoin USDT
Investors are growing increasingly concerned about Tether, the issuer of the world’s largest stablecoin USD₮ (USDT) , following recent statements from Cyber Capital founder Justin Bons, who claims that Tether could be a bigger scam than FTX.
Bons shared his concerns in a Sept. 14 X post, writing:
“If you thought FTX was a scam, wait until you learn about Tether. It’s a bigger scam, it’s been around longer, and it’s more deeply integrated into the crypto ecosystem.”
Bons went on to highlight Tether’s alleged close ties to Bitfinex and the CFTC’s 2021罚款 of Tether for lying about USDT being fully backed by reserves.
The stablecoin giant’s influence over the crypto space also became a talking point after data showed that Tether’s market share increased by 20% over the past two years, reaching 75% of the entire stablecoin market.
A hypothetical Tether implosion would be banking-driven, unlike the FTX collapse
Part of the concerns are also fueled by one of the industry’s most notorious black swan events — the collapse of the FTX exchange, which resulted in $8.9 billion in lost user funds.
While FTX’s collapse was due to its inability to fulfill mass customer withdrawals of $6 billion within three days, a hypothetical Tether implosion would be related to its banking partners, according to Sean Lee, co-founder of IDA Finance.
Lee told Cointelegraph:
“A hypothetical Te وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحدد وحد
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