He sent a screenshot of his euro account to POLITICO to prove he has the funds.
He even pledged on Twitter Wednesday that he'll donate $1 million to Tether's charity of choice if they open their books and prove him wrong. The 48-year-old is convinced that Tether is lying about its finances to cover up its exposure to crisis-hit real estate developers in China and struggling crypto companies such as Celsius. “You’d be a fool not to short Tether,” said the co-founder of Viceroy Research, Fraser Perring, one of the short sellers who profited from the collapse of Germany’s fintech giant, Wirecard. That has prompted Tether’s leadership to counter by dismissing their tactics as a dishonest means of making money by sowing fear, uncertainty and doubt in a volatile market.Īs far as the short sellers are concerned, it’s a sure bet. peg by five cents on some exchanges before recovering.Ī month later, crypto lender Celsius cut its clients off from withdrawing billions in savings before shutting up shop.īankruptcies and the general market downturn have left many crypto investors fearing further losses, giving short sellers an edge. Its collapse sent shockwaves through the market, knocking Tether off its U.S. TerraUSD, for example, was the third largest stablecoin in circulation with a market value of $18 billion before it imploded in May. The sector is already under strain following a slew of scandals and bankruptcies.
USD₮’s dominance and size means its collapse would hemorrhage much of crypto’s life blood and deal a crippling blow to market confidence. Its nearest rival, Circle, is closing in, but its stablecoin, USD Coin, exchanges hands much less frequently among traders. Tether’s stablecoin, USD₮, is used by most crypto investors to park their money in a safe place between taking bets on the market and is collectively valued at around $65 billion.
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