Some hedge funds are using Genesis Global Trading to short Tether, and they’ve upped the ante since the implosion of Terra’s UST algorithmic stablecoin, according to the Wall Street Journal report.
Solend, the algorithmic, decentralized protocol for lending and borrowing on Solana, has been scrambling to mitigate the risks that are present on its platform.
Coinbase reported a loss of US$430 million in Q1 2022 as revenue slipped 27% compared to a year ago, and the stock ($COIN) has now lost 70% of its value since March.
The stability of the assets allegedly backing Tether is once again under the microscope after investors placed significant short bets against the controversial stablecoin.
The profitability calculation that every miner must go through is complex, and one must think about their economic costs, access to liquidity, as well as access to insider knowledge.
Inflation refers to the general increase in the price of consumer goods and services measured on a yearly basis and can also be used to describe the rise in the supply of money in the economy.
Protos Media released a report detailing who is buying USDT, pointing out that Tether has grown from a market cap of $1B in 2017 to over $70B at the time of writing.
Sam Bankman-Fried and FTX’s ties to Tether go beyond merely enjoying the increased activity that Tether’s constant printing brings about for exchanges throughout the ecosystem.
The USDT was stolen from a California resident by an individual posing as a Coinbase representative who took control of his account and transferred 200+ BTC, authorities said.
Due to Tether’s legal troubles, the Ontario securities regulator has placed the digital currency under “Prohibited Crypto Assets,” the only asset under this category.
The fact that billions in fresh capital allegedly continue to pour into Tether’s coffers despite the looming threat of more legal action will only fuel skepticism surrounding the existence of the fiscal reserves backing USDT.
The jig may be up for the Tether stablecoin following a trainwreck CNBC interview and regulators losing patience with the digital currency sector’s aversion to oversight.
