Tether CEO Deletes Twitter Account Following Investigative Report
BeInCrypto –
The CEO of Tether Jean-Louis van der Velde’s has deleted his Twitter account following a Bloomberg report questioning the firm’s backing of its reserves. Tether has responded, calling the report misleading and saying USDT is fully backed.
Tether’s CEO has deleted his Twitter account following a recent Bloomberg report. The article makes several claims, including that Tether owes billions to Chinese investors. The outlet said that it had obtained documents showing an account of Tether Holdings’s reserves, which include “billions of dollars of short-term loans to large Chinese companies.”
The report primarily addresses the issue of Tether’s reserves backing its billions of USDT, something which has been a serious point of contention in the past. Among other things, it claims that Tether holds billions in commercial papers from large Chinese firms and that these are being used to back up its reserves.
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