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In the course of their own investigation, Bloomberg representatives managed to find new information about the assets that secure the Tether stablecoin pegged to the US dollar.
The assets that backed Tether have long been of keen interest in various American departments. Especially considering the current emission of almost 70 billion. The debate over the transparency of USDT is also continuing, however, as are the discussions regarding the “nature” of stablecoins as one of the offshoots of cryptocurrencies.
Regulators are nervous that in the event of a massive reverse conversion of stablecoins to fiat and insufficient USDT backing, the collapse of this system could overshadow the damage to the economy as a result of the Ponzi scheme orchestrated by the American fraudster Bernie Madoff.
According to CNBC host Jim Kramer, if Tether goes bankrupt, it will inevitably affect the entire cryptocurrency industry. He supported his statement with the suspicion that the company owns the commercial papers of the largest Chinese firms, including the struggling real estate giant Evergrande. However, Tether representatives promptly denied these claims.
Suspicions arise regarding the registration of Tether. Its top management claimed that the company was registered with the regulator of the Virgin Islands. However, journalists faced a critical lack of information, both about the registration of the company and about its leaders. Some of Bloomberg's interlocutors during the investigation even called Tether “the riskiest offshore hedge fund”.
The US Department of Justice also sensed that something was wrong by initiating a review of Tether in July for possible bank fraud by the founders. The representatives of the department intend to pay special attention to the early stage of the formation of Tether.
Earlier, the USDT issuer already had the experience of “communicating” with government agencies represented by the New York Attorney General's Office. Then it was about the 850 million lost by the company, and the head of the organization, Letitia James, called the words of the founders of Tether a lie about the full security of their assets with the US national currency.
Apparently, after a while, Tether's management got tired of hearing accusations against them, so the parent iFinex filed an appeal with a New York court, urging it to prohibit anyone from making demands on the state of USDT reserves or their structure over the past couple of years.
When Bloomberg employees began to carefully study the issue of USDT collateral, they found many cases of short-term lending to large Chinese companies that went against Tether's policy. In addition, they learned about bitcoin-secured lending from crypto-lending firms. For example, Celsius Network, the head of which said that they paid about 5-6% per annum for the raised 1 billion.
Against the background of these facts, Bloomberg journalists compared the actions of Tether with the activities of some businessmen of the "wild banking" era of the 19th century. Due to the non-repayment of loans issued with a direct peg of the USDT stablecoin to the dollar, the potential losses may turn out to be several times higher than the profit of such investments.
Tether representatives called the article in Bloomberg a compilation of unconfirmed facts and conjectures, and also caught journalists in an attempt to rig the facts. They also said that the company's track record, liquidity, and market success speak for themselves.
A little later, members of the crypto community discovered that the Twitter account belonging to the founder of Tether, Jean-Louis van der Velde, had been removed from the social network. In a recent post, citing a Bloomberg article, the account owner described the publication as "an enslaved dying financial magazine trying to invent a Tether FUD in an attempt to make money and delay its disappearance."
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