Tether says the bounty programme has nary interaction connected Bitcoin arsenic prices scope caller highs.
Tether has released a statement terming Hindenburg Research's caller connection of a $1 cardinal bounty programme for accusation connected the stablecoin's reserves arsenic "cynical" and a "pathetic bid for attention."
The determination by the forensic probe institution came conscionable days aft Tether and the Commodity Futures Trading Commission (CFTC) reached a colony implicit charges related to the cryptocurrency firm's misleading accusation astir its USDT reserves.
Tether agreed to wage $41 cardinal arsenic portion of the settlement, with the CFTC noting successful a report that Tether's USD reserves for its stablecoin amounted to lone 27% of the full USDT proviso successful the years 2016-2019.
Tether responds to "stunt"
Hindenburg's determination to unearth accusation astir the stablecoin followed what the firm called "doubts astir the legitimacy of Tether's backing owed to the company's sparse disclosures."
According to the probe firm, the bounty is meant to assistance it get "exclusive details" astir Tether's opaque dealings.
A time aft the bounty was announced, Tether has travel retired guns blazing, referring to the programme arsenic thing but an orchestrated strategy designed for profit. In its statement, Tether called the bounty a "pathetic bid for attention".
"They are attempting to discredit not conscionable Tether, but an full movement. Thankfully, everyone sees done their opportunism arsenic bitcoin approaches different all-time high," the steadfast added successful the statement.
For a portion now, Tether has tried to upwind storms astir its holdings of the US dollar, which is expected to beryllium astatine the ratio of 1:1 with the tether tokens. But the world's largest stablecoin by marketplace stock astatine the infinitesimal has not afloat travel retired of the shadiness of contention regarding the deficiency of a broad audit.
While the CFTC noted a 27% backing was successful currency by 2019, those figures person reportedly changed to spot conscionable 10% successful USD. The bulk of the reserves are successful commercialized papers, firm bonds, treasury bills, and funds among different holdings.
CoiGecko information shows determination are 69,845,110,814 USDT tokens successful proviso arsenic of 21 October 2021.
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