Hedge funds have massively shorted Tether

Hedge funds put massive pressure on the stablecoin Tether in the last few weeks of the crisis.

According to a tweet from Tether CTO Paolo Ardoino, they were shorting the stablecoin in a big way. Their supposed goal: to cause even more chaos in the course of the Terra crisis .

Tether should also lose its peg to the dollar.

"It seemed like a coordinated attack really from the start, with a new wave of FUD, troll armies, clowns and so on," claims Paolo Ardoino.

A Wall Street Journal report corroborates his allegations . There, the company Genesis Global Trading admits that their clients have shorted the stablecoin.

In one month, Tether had to pay out $16 billion in redemptions, nearly 20 percent of its reserves.

The stablecoin briefly and slightly lost its peg to the US dollar for a day, but has since stabilized.

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