The cryptocurrency platform Tether is facing increased regulation scrutiny after Bloomberg released a report. The report titled “The $69 billion crypto mystery” made things a little challenging for Tether. However, the company came up with a response to this report by Bloomberg and called it “one-act play the industry has seen many times before”.
Tether published an article in response on its website and also made a tweet!
As per the reports by Bloomberg, the cryptocurrency platform has many issues with its entire working model. The company’s CEO and CFO are not very famous and have clean names. The report states that CFO Giancarlo Devasini, a former plastic surgeon from Italy, has even been fined for selling counterfeit Microsoft software.
In reply, Tether called and bitcoin to be “fostering a revolution in financial inclusion”. Tether denied the Bloomberg report and the Crypto platform referred to the report as “misinformation published by disgrunted individuals, lacking the information of the business operations”.
The entire tether-bloomberg contoversy did not have a very big impact on its prize though its vlome dropped by around -0.95% and $94.0 B.
Tether has issued 48 billion ropes that are valued at $1 each. The question is about the source of the funds, as it will be tough to handle if all the stablecoin holders decide to cash their investments.
Earlier, a probe was set up by the Treasury Secretary Janet Yellen to look into Tether coins and the company!