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Tether CEO (USDT) deletes Twitter account after investigation report

 


Tether CEO Jean-Louis van der Velde deleted his Twitter account after a Bloomberg report called into question the hedging of currency reserves. Tether then labeled the report as misleading, stating that USDT is fully hedged.

The article deals with several allegations. Among other things, that Tether owes billions to Chinese investors. According to the report, the authors have received documents showing a statement of Tether Holdings' reserves. These include "billions of dollars in short-term loans to large Chinese companies".

The report primarily addresses the issue of the reserves that support the billions of USDT. Tether owns billions of stocks in major Chinese companies and uses them to fund reserves, it is said.

Tether responded with harsh words to the article, accusing Bloomberg of using questionable sources to "tell a pre-made story". In the past 12 months, steps had been taken to prove the reserves. The company has even released some certificates of its reserves. However, many investors do not believe that this is enough to resolve the concerns.

Bloomberg previously reported that the Justice Department was investigating Tether executives for bank fraud. As the largest stablecoin on the market, any impact on Tether could spill over to the rest of the market. This is a concern that has been discussed repeatedly in the past.

The CEO's last tweet said that “another financially enslaved, dying magazine” is operating on “Fear, Uncertainty and Doubt (FUD)”. One should “stick with it”.

Could the SEC also investigate Tether?

There is no official SEC release suggesting an investigation. Should such a development occur, however, the market would get a deeper insight into the deposit of the reserves?

From other sources, it was claimed that tether holds the securities of Evergrande. However, this is denied by Tether. Such pressures could be the ultimate test for the company, which has had to undergo years of investor and media scrutiny.

There are heated discussions about this development on all social media platforms. Many crypto investors have criticized Tether for its lack of transparency in the past and are excited to see what an SEC investigation could bring to light.

The SEC had hinted at an investigation after a review of the Freedom of Information Act (FOIA) suggested it. The Justice Department's investigation described the company as "outdated allegations". The increasing number of such reports understandably gives investors little confidence. But it remains to be seen how things develop.

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