Dr. Doom Accused Tether In BTC Price Pump

Nouriel Roubini, famous economist, accused Tether in market manipulating
26 January 2018   695

Famous economist Nouriel Roubini, also known as Dr. Doom, publicly called Tether tokens a scam, because they, in his opinion, are used for artificial pumping of the bitcoin price. Without these "criminal manipulations", the bitcoin rate would drop by 80%, Roubini says, referring to econometric research data.

Nouriel Roubini refers to the material at Bitcoin. com, where it is said that over the past few days, Tether has released USDT for $ 400 million. Meanwhile, miners generate new bitcoins daily for about $ 18 million.

Previously, numerous sources, including Bitfinex'ed, the main critic of Tether, repeatedly drew attention to the huge amounts of USDT being issued and that in fact they are not provided with anything.

Moreover, in its recent survey, which listed four reasons that could lead to the collapse of the crypto-currency market, CNBC mentioned Tether as a separate line.

USDT Are Backed by USD, Tether Says

Chief Compliance Officer of Tether Ltd. also said the company's assets always exceeded financial liabilities
16 October 2018   157

Chief Compliance Officer of Tether Ltd. Leonardo Real stated that all USDT tokens are secured by fiat reserves, and the company's assets always exceeded financial liabilities. It is reported by CoinDesk, citing representatives of the issuer.

Tether is the leading provider of tokenized fiat currencies and is listed on many exchanges worldwide. We would like to reiterate that although markets have shown temporary fluctuations in price, all USDT in circulation are sufficiently backed by U.S. dollars (USD) and that assets have always exceeded liabilities. In June 2018, a report from Freeh Sporkin & Sullivan, LLP (FSS), based on a random date balance inspection and a full review of relevant documentation of bank accounts, confirmed that all Tethers in circulation as of that date were indeed fully backed by USD reserves.
 

Leonardo Real

Chief Compliance Officer, Tether Ltd

Reel also stressed that the report of the law firm Freeh Sporkin & Sullivan, LLP (FSS) of June said that all tokens are provided with dollars in bank accounts.

However, FSS indicated in the report that the procedures performed by it “are not intended to provide guarantees and should not be confused with an audit”, since the work was carried out “without observing auditing and accounting standards”.

On Monday, October 15, the USDT price dropped to a 18-month low at $ 0.92. At the time of writing, the price has recovered and is about $ 0.97.