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Tether CEO deletes Twitter account amid investigations

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Crypto News

Tether CEO Jean-Louis van der Velde Tweets Off Twitter Amid Investigation Of Stablecoin Reserves And Ties With China

Tether CEO Jean-Louis van der Velde removed his page from Twitter after Bloomberg published the results of an investigation into the sources of the USDT stablecoin backing. The first messages about Velde’s departure from Twitter began to appear on Reddit.

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Users write that Velde, under the pseudonym @urwhatuknow, deleted the page a couple of days after the publication of the investigation into the USDT reserves. The editorial staff of BeInCrypto could not establish the authenticity of the connection of the anonymous account with the head of Tether. On the official Tether website, Velde is signed as the head of Bitfinex. No links to social networks are provided.

Source: archive.is

The last post on the page allegedly Velde criticized the Bloomberg investigation. In a tweet, the author of the post does not directly name the publication. Nevertheless, he writes that the “financially enslaved dying magazine” is trying to provoke another FUD.

Recall, according to a recent investigation by Bloomberg, USDT reserves include short-term debt securities of large Chinese companies for “billions of dollars.” Tether also made loans to credit companies like the Celsius Network. The publication also mentioned that the issuer of Tether does not store all of the USDT collateral with Deltec Bank in the Bahamas, which allegedly confirms its ties to China.

Read also: Tether assets do not meet institutional standards – WSJ

Tether said the Bloomberg investigation is “a one-act play that the industry has seen many times.” Officially, the company still has not disclosed all the information about the collateral for USDT, which has a market capitalization of $ 68.2 billion.

In late February, Bitfinex’s parent company, iFinex, and the issuer of the USDT stablecoin, Tether, agreed to pay a $ 18.5 million fine to New York City authorities. Then the Attorney General of New York found out that the companies made false statements about the reserves of stablecoin in order to hide the truth about the large losses of Bitfinex.

Read about why Tether was laughed at due to the next audit of USDT in the material of the BeInCrypto editorial staff.

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