The Father of all Scams, Tether, Busted?
The price of USDT has fell to a low of $0.96 is continuing to fall as trader are buying any cryptocurrency in exchange for Tether or USDT, which also brought a rally in major cryptocurrencies. Bitcoin broke $7000 on Binance and Ethereum $228.
Is the Scam Busted? Are exchanges taking down USDT?
Exchanges like KuCoin have already suspended USDT trading. The firm tweeted recently that it has suspended all withdrawals and deposits for Tether, later allowing USDT transactions again in 4 hours.
USDT Deposits and Withdrawals Temporarily Closed
— KuCoin Updates (@KuCoinUpdates) October 15, 2018
Why are traders worried about Tether?
A majority of traders argue that Tether is “not actually” backed by actual dollars. The company has failed to provide any evidence of its holdings to the public.
Some argue that Tether is related to Bitfines. Nouriel Roubini recently tweeted that the scam is starting to unraveḷ
The Manipulative Tether Scam is starting to unravel
Bloomberg: This Texas Finance Professor Sifts Data for Signs of Rigged Markets
John Griffin, who discovered the Bitcoin-Tether connection, seeks to expose “the fruitless deeds of darkness.”
— Nouriel Roubini (@Nouriel) October 13, 2018