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According to the market value, the largest stablecoin, USDT, announced that Tether and Bitfinex, who are behind it, took a step back about an hour ago. Significant portions of the FUDs that have been undermining crypto investors for years were related to USDT. However, the company is trying to reassure the markets by taking important steps in transparency and reserve security.
Tether News
Tether and Bitfinex announced that they will no longer oppose the freedom of information requests made by a series of news platforms in New York. The issuer of the USDT stablecoin and the cryptocurrency exchange stated that they will pay attention to information sharing after the FOIL request from Coindesk earlier this year.
Tether and Bitfinex stated that they will respond to information requests from journalists, including Zeke Faux, Shane Shifflett, and Ada Hui, despite their “misconduct”. The company argues that Faux’s past news about Tether and Bitfinex “exceeded the limits of professional journalism” and were not well-intentioned.
Tether Information Request
Tether may not be entirely unjustified in claiming that media organizations, including the Wall Street Journal and Bloomberg, have prepared “one-sided and inaccurate” reports. Many of the allegations that caused turbulence in the markets were seen to be exaggerated or related to old events.
Although there is no direct connection to Tether, we know that the news published by WSJ titled “Millions of dollars sent to Hamas with crypto” had no tangible evidence. Leading blockchain intelligence companies, including Elliptic, claimed that these allegations were baseless. So, is it the duty of a journalist to produce fake arguments using baseless allegations that even high-level politicians would use?
Tether and Bitfinex also called for “responsible document review” before any information is disclosed to the public and emphasized that their efforts to be transparent do not mean “unlimited disclosure of all documents.”
In summary, when we see an allegation about Tether from now on, top-level journalists reaching the company will receive more answers. This is positive for investors as it can prevent future possible FUDs.
