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Tether Responds to $1 Million Bounty, Calling It “Cynical” Stunt

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Alex Dovbnya

Hindenburg Research is providing a $1 million bounty for shedding gentle on one of many crypto trade’s largest mysteries: Tether’s reserves

Stablecoin issuer Tether has blasted the $1 million bounty introduced by New York-based funding agency Hindenburg Research as “cynical” in its response.

Aptly named after one of many worst airship disasters in historical past, Hindenburg is infamous for opening brief positions on shares that it thinks will crash. The agency’s best-known targets embrace electrical carmaker Nikola and sports activities betting operator DraftKings.

On Oct. 19, the agency introduced a reward of up to $1,000,000 for anybody who offers unique details about the backing of Tether’s flagship USDT stablecoin because it has doubts concerning the legitimacy of its “opaque” disclosures.

Hindenburg Research founder Nathan Anderson believes that the general public deserves to learn about Tether’s holdings:

We really feel strongly that Tether ought to absolutely and completely disclose its holdings to the general public. In the absence of that disclosure, we are providing a $1,000,000 bounty to anybody who can present us unique element on Tether’s supposed reserves.

For now, the short-selling analysis firm doesn’t maintain any place in both Tether or another cryptocurrency.

The stablecoin issuer accused Hindenburg of “opportunism” within the aforementioned assertion:

This is not the primary time Hindenburg Research has orchestrated an obvious scheme in pursuit of revenue. Nor will it’s the final. Tether abhors and denounces their actions and clear motives.

Last week, as reported by U.Today, Tether was ordered to pay a $41 million superb by the Commodity Futures Trading Commission (CFTC) for mendacity about its being backed one-to-one by the dollar.

The market cap of USDT surpassed the $70 billion mark earlier at this time.

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