Tether’s and Bitfinex’s CTO, Paolo Ardoino, has observed a collaborative invasion of USDT by traditional hedge accounts shorting the stablecoin. The Tether CTO indicated, through a twelve-piece Twitter thread, that the invasions encompass a new surge of FUD, troll forces, clowns, etc.
Traditional hedge accounts are Wagering Against Tether – Wall Street Journal.
Mr. Ardoino was replying to a Wall Street Journal announcement bringing up that the forenamed hedge accounts ‘have been ramping up their wagers against Tether’ through Genesis Global Trading Inc., one of the biggest crypto brokerages for experienced investors.
The Wall Street Journal Report elucidates that the low sellers have been wagering against Tether for about the last twelve months, with their income improving after TeraUSD’s (UST) fall. The exact tight sellers guess that ‘tether’s commercial-paper possession are supported by debt-ridden Chinese possession developers.’
USDT is 100% supported – by Tether CTO.
It is with this location that Tether’s CTO has characterized in the Twitter thread that the same hedge funds guess Tether is not 100% supported, that its had disclosure to Evergrande and that it has 85% susceptibility to Chinese marketable paper.
Also, Mr. Ardoino noted that the wall accounts also think Tether is published from thin air’ and that lenders were renting from Tether without over collateralization
Tether’s CTO also highlighted that the company continues to honour redemptions of USDT into USD even during the toughest of times in the crypto markets.