Topic: Tether: USDT is the next token to crash / Tether fraud exposed - page 2. (Read 291 times)

I just use USDT for coin transfer, nothing more nothing less.  I don't hold USDT because I am more comfortable holding a volatile cryptocurrency.  There is no excitement if our holdings are stable.  Yes, it can preserve the value but there is neither profit to get while holding it.

It is worth noting this:


They have been fined for their false claim of the USDT being backed by reserver 1:1 and now another false statement about their office in the Bahamas.  I wonder how many lies they are hiding from us.  But well, I think I should not concern myself about these matters because I never hold USDT longer than 1 day.

We have been hearing rumours of tether not fully backed on ratio 1:1 with usd for si long, this is no longer news, I expect if there is anything seriously fishy the authorities should be on their tail to uncover this big mistery. Nonetheless, it is better to be safe than sorry, anyone holding a large amount of usdt should do what is necessary before it becomes too late.

Tether USDT you can exchange to any crypto via many exchanges without any problem, so this is stable coin. Plus if you transfer Tether USDT TRC20 via TRON network, USDT transfer is free for up to 5 daily transfers ( plus some TRON expenses too for each transfer ) and very fast. For more free USDT transfers TRON freeze required. So the only transfer fees are some TRON crypto, which is very low price. Therefore Tether USDT is vey popular and I do not see why it can crash ?

It's been a long issue that's still active these days. What I don't like with them is about they're free to freeze someone's asset but this is more favorable to those that have stolen USDTs and they're the scammers and the hackers.

Well, with that worry about them with a possible crash. You know what's going to be the most affected? First, it will be the price of bitcoin and then the entire market will crash as well.

We've got other stable coin/s that are decentralized like DAI if you want to use them.

https://tether.to/en/tether-proves-resilience-of-reserves-in-latest-attestation/
Tether Proves Resilience of Reserves in Latest Attestation

You can read the latest assurance opinion and the Consolidated Reserves Report: https://assets.ctfassets.net/vyse88cgwfbl/1Xfu4398CIoMiuKjPhvnHM/6d1608c90bb775d2d432b7b24264da28/ESO.02_Std_ISAE_3000R_Opinion_30-9-2022_RC134792022BD0548.pdf

The Management of the Company asserts the following as of 30 September 2022:

The Group’s consolidated total assets amount to at least US$ 68,061,618,458.

The Group’s consolidated total liabilities amount to US$ 67,811,510,720, of which US$67,805,112,981 relates to digital tokens issued.

You may or may not believe this report, but it is better to diversify your stablecoins.

When you say stuff like this it kinda reveals the amount of tinfoil and paranoia we are talking about. If you want to be taken seriously, stick to the facts.
There has been Tether fud as long as there has been USDT.

They must be most investigated crypto firm out there. Don't you think that amount of investigation they are going trough would at some point have revealed something why officials could shut their operation down?

I personally think that all this fud most likely originates from bitter bitfinex hack victims who weren't happy how Bitfinex dealed with the whole hacking scandal.

I think this topic is not really to be questioned.

We-all know TETHER (USDT) is backed only around 60-70% not really backed 100%, also they can freeze your money as well. So, people sometimes paranoid holding USDT with the long term.

I also don't want hold USDT really a longer term.

Yeah same here, I will not also defend Tether but why the hate in recent days?

I saw some threads about it, saying that it will collapse as well and that it is running on fractional reserves. They have been speculate many years ago if I'm not mistaken and because they are not willing to open their books. But so far they are one of the most solid stable coins that we have in the market right now.

I would agree if the thread is like telling people to get out of exchanges or at least don't leave huge amount of money on it. But single handedly pushing for Tether to be the next one to collapse, then maybe we will have to see what will happen in the future.

I'm not going to defend Tether, but they have a lot audit report and transparency about the pegged asset [1] if it's all fake of course those audit company will be in trouble since they're create fake report. But I think it's quite hard to believe if those company will want to create fake report, although Tether was accused it's not backed with a real USD. Anyway I never want to buy any centralized coin, DAI is much better than USDT.

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[1] https://tether.to/en/transparency/reports

Well i think there are discussions about USDT not being backed 1:1 by real USD anymore since at least a few years now because back then the company behind USDT changed the wording from "evey USDT is backed by a real Dollar" to "we have enough reserves to back every USDT minted" the big problem with this statement is, that nobody knows what kind of reserves they are having or if those reserves really exist.
Recently though i heard news that Bitfinex is now more open about their reserves and that they have published something, but i did not check that myself. If USDT would crash then i think we would see a crypto crash like never before though.

Don't want to protect Tether, but your links do not expose any fraud of Tether or imply a possibility of crashing.
Of course, Tether has issues, after all, it is a wild crypto product.
Nevertheless, is has the potential to become something big, assuming the right management. First, this stablecoin has the highest transaction volume to market cap ratio - meaning it is used for daily transactions, and payments, including cross-border transfers. We have done some research on it here https://www.observers.com/zoom-in-on-stablecoins/ If people find it convenient, that is the best property for money. Money is a social construct.
They work on transparency issues as well. They have issued an audited reserve report. https://www.observers.com/tether-new-attestation-of-reserves/
It is still not a full financial statement and the auditor is not from Big4. Further, the auditors are from the hometown of Tether CFO. But it is better than nothing.

As Tether (USDT) was founded in 2014 it was pegged to a phisical USD (nearly) 1 to 1. You gave them 1 USD and they stored the USD. If you would give them back the USDT you would get 1 USD back and the USDT token would be burned. But suprise: The USDT is still existing, traded, and for the future there is no guarantee that you get your USD back.

Tether Ltd. is in personal identity with BITFINEX (Paradise Papers) a 2014 founded company who was nothing more than a ponzi scheme, which was runned by child predators, fraudsters and poker god-mode givers. USDT as backbone of the global crypto lquidity you have to understand and be aware that Tether is since 8 years unaudited and is just pegged to USD in a ratio of 1 USDT to ~0,03 USD. Tether Ltd. basically loaned their insolvent "parent comany" and changed their USD-USTD-pegging to an USDT-"reserves"-pegging secretly. Now Tether is nothing more than a money printer creating money from thin air.

In the last days with the SBF investigations, indypendent investigators realized that Tether Ltd. on the Bahamas is just a "mail company" with empty office buildings.

So this is a warning: Do not hold large amounts of USDT or you will lose nearly everything!

Additional video informaton:

- Coffeezilla: https://youtu.be/-whuXHSL1Pg
- Bitboy Crypto: https://youtu.be/9Nl5r2Txs88
- Coindesk: https://youtu.be/ilJs8s1S_mU
- ClearValue Tax: https://youtu.be/2TKGgMLHL64

Additional text information:

- coingeek: https://coingeek.com/even-binance-thinks-the-tether-stablecoin-is-an-unbacked-scam/
- Blockworks: https://blockworks.co/news/tether-fraud-investigation-gets-new-leader-bloomberg
- Coindesk: https://www.coindesk.com/policy/2022/10/31/us-tether-bank-fraud-investigation-changes-hands-within-the-doj-report/
- Bloomberg: https://www.bloomberg.com/news/features/2021-10-07/crypto-mystery-where-s-the-69-billion-backing-the-stablecoin-tether

Thank you for your attention!

Roland Ionas Bialke