Tether USDT
Rating: ★★★★★ (5/5)
Tether, claims to be the first stablecoin in the world. We already know that BitUSD was released 7 months before USDT.
The original founds: Brock Pierce, Craig Sellars, and Reeve Collins, all left the project after claims of fraud and misleading investors. See chart of drop to $0.91.
JL van der Velde was the COO of Tether from 2015 to 2017 (Replacing Reeve Collins). Appointed CEO in 2017, following the departure of Brock Pierce (After he was accused of fraud and money laundering).
Tether has been involved in a number of controversies since 2017. Some of the most notable include:
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2017, Tether was accused of misleading investors about the backing of its USDT tokens later being fined $41 million by the Commodity Futures Trading Commission (CFTC).
2018, Tether was accused of manipulating the cryptocurrency market by artificially inflating the price of Bitcoin.
2019, Tether was accused of being a Ponzi scheme.
2021, New York Attorney General Letitia James sued Tether and Bitfinex.
Tether has also been criticized for its lack of transparency but now at least shows daily reports.
I am pleased to give it a 5-star until something stronger comes along to save the day.
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