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MarkRoberts
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Tether Denies Association with the Investment

Fri Jan 22, 2021 8:59 am

Deltec holds reserves for giant stablecoin issuer Tether. After the story started making rounds, Tether came forward to declare its dissociation with the investment decision. Through its general counsel, Stuart Hoegner, Tether confirmed knowledge of the statement made by Deltec.

However, the stablecoin issuer affirmed that all decisions about its reserves are in-house. Thus, Deltec could not buy bitcoins for and on Tether’s behalf despite it being the stablecoin issuer’s bank.

Deltec soon after confirmed Tether’s disconnection from the investment. The bank’s attorney, Elisa D’Amico, affirmed that Deltec’s investment strategies did not have any relation to Tether’s depositary assets with Deltec.

Moreover, Hugo’s statement did not make any reference to Tether. D’Amico explained that Deltec limited the investment in Bitcoins to high-net-worth customers and Executive Asset Management.

Tether’s legal troubles, public controversy, and accusations of fraud justify the bank’s quick response to Deltec’s announcement. Also, the New York State Attorney will go on inquiries into iFinex, Deltec’s parent company. The AG’s office is investigating iFinex on the accusation of defrauding New York Investors.

The public controversy surrounding Tether is concerning the issuance of USDT. Some analysts believe that with the USDT not fully backed by reserves, it can manipulate cryptocurrency prices. Tether has persistently grown in terms of stablecoin in circulation and the number of blockchains DeFi projects.

Currently, it is estimated that 25 billion USDT are already in circulation. With this growth, Tether needs to minimize any controversy surrounding it.

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