August 2, 2021

Is the Cryptocurrency Tether Just a Scam to Enrich Bitcoin Investors? » Scammer News

Whatever the investigation in New York turns up, Tether’s short history is already replete with strange criminal characters, unsolved hacks, sudden switches between overseas banks, and huge, unexplained losses. There’s likely more to come.

As a connective tool for the larger crypto economy, the potential of Tether was clear. The class-action lawsuit puts it simply: “Tether’s promises were the foundation of USDT’s value. If Tether were telling the truth, a USDT would combine the best aspects of fiat currency and crypto-assets: It would be stable and safe like the U.S. dollar but also, like other crypto-assets, easily transferable across different crypto-exchanges, and free from many government regulations.”

That perception of stability was always a myth. In 2016, someone hacked into Bitfinex and stole 120,000 Bitcoins, which resulted in Bitfinex cutting more than a third of the value off each customer’s…

Read full article here: