Tether Down Again – Despite Claiming to Have $1.8 Billion In a Bank Account in the Bahamas

It has been more than two weeks since Tether, the main “stablecoin” used by most popular exchanges had a fall by to 85 cents from the traditional value of $1. This event woke up again doubts whether the company tied to Tether has in their bank accounts the amounts of dollars to back up Tether or even worse the fear of an exit scam. When the event happened many exchanges prepared to delist the coin.

Today at the time of writing the price of Tether according to Coinmarketcap has gone again to 95 cents.

Meanwhile, Tether price recovered, doubts remained and more skepticism emerged about  “stablecoins ” whether if it is a phenomenon to be trusted. The company behind Tether never bothered to publish an audit to assure investors about the company holdings, whether they hold the necessary amounts to guarantee convertibility.

In June this year Tether found itself in controversy center of attention when a University of Texas professor published a report stating that Tether has been used by shady traders to manipulate bitcoin’s price.

In an effort to regain the crypto community trust, some days ago Tether published a letter on their Twitter count claiming that they have opened a Bank account in an offshore bank in the Bahamas, more precisely with Deltec Bank & Trust Limited.  Stating that they have $1.8 billion in their bank account in the offshore country.

But, many from the Crypto Twitter community quickly published many inconsistencies about the document from Deltec Bank and Trust. Pointing to the irregularities, many stated that the PDF has been modified before being published.

Many draw attention to that whoever composed the letter didn’t append their name – just a casual line as a signature, which is a genuine warning, as one trader brought up on twitter.

Instead of calming crypto community concerns, these irregularities about the document had the contrary impact. Especially since the organization let go its auditor a year ago. However, the price has been holding around the $1 until today some hours ago when the price hit a 5% down recovering again to $99 cents.

What do you think about Tether? Feel free to post your opinion in the comments below.

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