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$118 Billion Ponzi Scheme Exposed: Investors Demand Audit on Tether’s Shady Reserve Practices (But Will They Actually Get One?)

Crypto NewsRegulation/NegotiationStablecoins Sam Rogers September 24, 2024

A giant, unstable coin (USDT) teeters on the edge of collapse amidst concerns over lack of audits and shady reserve practices. A massive $118 billion stablecoin is shown with cracks spreading across it as banking partners in the background struggle to keep up.

Tether’s latest woes are music to my ears, folks. The stablecoin giant is facing investor concerns about potential liquidity risks and the lack of transparency in their governance structure. I mean, who needs audits when you’re printing money out of thin air? Not Tether, apparently. Their $118 billion reserves have yet to be submitted for a third-party audit, because why bother with accountability, right?.

Source: cointelegraph

Investors claim Tether’s $118B reserves may face audit and liquidity risks
https://cointelegraph.com/news/tether-transparency-business-structure-118b-ftx-concern
Tether’s lack of third-party audits is raising investor concerns about a potential FTX-like liquidity crisis from the $118 billion stablecoin giant. Investor concerns are mounting around Tether, the issuer of the world’s largest stablecoin USD₮ (USDT). Cyber Capital founder Justin Bons, who shared his concerns about Tether being a potentially bigger scam than FTX, catalyzed the latest wave of concerns. Bons wrote in a Sept. 14 X post: In 2021, […]

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About the author

Sam Rogers

Sam’s plunge into the crypto world turned into a brutal farce when he fell for an absurdly obvious scam promising to double his investment. After being fleeced by a slick email con, Sam is left fuming and broke. His writing drips with anger and dark humor as he exposes the outrageous scams and ludicrous promises of the crypto world. His motto: “I didn’t just fall for a scam—I was sucker-punched by an entire industry. If you think crypto is a goldmine, just wait until you see how deep it can dig your grave.”

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Disclaimer

The content presented on this site is intended solely for entertainment purposes and should not be taken as factual or reliable information. This site employs satire and humor to discuss global news, current events, finance, and cryptocurrency. The views expressed here are not meant to be taken seriously and do not represent the opinions of any individuals, organizations, or entities discussed.

Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

Readers are encouraged to verify any claims or statements with credible sources and should not make any decisions based on the information provided here. This blog is not responsible for any actions taken based on its content. Always consult a qualified professional before making any financial or investment decisions.

Please do not hesitate to contact us if you have any questions or concerns.

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