Stablecoin Tether Incurs Scam Accusations Following USDT Drop

Tether incurred severe criticism after its supposed stablecoin USDT lost its value against the U.S. Dollar.

Tether incurred severe criticism after its supposed stablecoin USDT lost its value against the U.S. Dollar.

On Tuesday, the USDT/USD dropped towards 0.95 across several cryptocurrency exchanges, stirring panic among investors who were arbitraging between the crypto-assets.

On the same day, a new report surfaced about Noble Bank, Tether’s banking partner, revealing its poor financial health. The Puerto Rick bank served as a fiat gateway to it, as well as BitFinex, a well-known Bitcoin exchange. But when the bank announced that it was open for sale, both Tether and BitFinex decided to call it quits.

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