The Tether team has issued $250,000,000 USDT which is a cryptocurrency that should be backed by USD at a 1:1 ratio. Critics have been vocal against the Tether team for their lack of transparency despite a law firm auditing the company’s funds within the last week.
The Company has been criticized by reputable sources such as researchers from the Univesity of Texas that suggest the issuance of Tether lead to the drastic increase in Bitcoin’s price at the end of 2017. This report claimed that Tether was used to manipulate Bitcoin’s price. The controversial cryptocurrency, Tether continues to draw criticism for their lack of transparency against mounting claims of fraud and dishonesty.
Tether has come under increased scrutiny over the last year as it’s lost its bank account and auditors. The auditors failed to release any public form of their audit. Yet, the Tether token remains near the top of the cryptocurrency market with a worth of $2.67 billion dollars or over 1% of the total market cap. It will be interesting to see how the market moves forward with Tether as we continue to see the market fall in the bear market of 2018.
Originally posted through the CoinTelegraph Source and rewritten for Newa.io: https://cointelegraph.com/news/controversial-tether-releases-250-mln-in-usdt-twitter-awaits-bitcoin-price-jump