As time goes on, we see two things from Tether: more evidence that USDT is unbacked, and an increasing reliance on Tether throughout the industry and beyond it. The month of June has been no exception.
Regulators have waited too long to act on so-called stablecoins, to the point where exposure to schemes like that being run using Tether has infected the entire digital asset industry—and even beyond it.
An outsider to the digital asset world, Jon Gordon invites CoinGeek's Bitcoin Historian Kurt Wuckert Jr. to the Positive University to explain Bitcoin and what the past decade has been all about.
Never forget that Tether used to tell you that it was 100% backed by U.S. currency, and it was only after an New York Attorney General investigation forced its hand that it ever admitted this wasn’t the case.
Experienced cryptocurrency journalist and self-confessed Bitcoin sceptic, Amy Castor puts matters into perspective when it comes to the valuation of BTC in this week’s CoinGeek Conversations.
Tether is becoming an artisan at promising to provide an audit showing that its stablecoin is fully backed and then doing everything in its power to avoid exactly that.
The NYAG statement is highly critical of Bitfinex and Tether, accusing them of “recklessly and unlawfully [covering up] massive financial losses” and “illegally trading virtual currencies in the state of New York.”
The loan was taken to cover for the loss of $850 million in co-mingled client and corporate funds caused by entrusting its liquidity to a Panamanian company called Crypto Capital, according to NYAG.
The outcome of the case could have a huge impact on digital asset markets, with Tether regarded as the asset that backs up much of BTC's (and other popular assets) price.
A recent announcement from the bank Tether uses (Deltec Bank) has once again called the amount of reserves Tether has into question.
Whenever the curtain is pulled back on the operations of Tether, the representations made by its executives change dramatically.