In the crypto community, Tether has often invited controversies and have had been criticized for Bitcoin price manipulation back in 2017. In fact, Michael Novogratz, a notable crypto investor, and entrepreneur also condemned Tether for its purported lack of transparency.
In the audit, the stablecoin was found to have the appropriate amount of backing dollars. As this controversy settled down, in Mid-march, more troubles brewed for Tether. Social media users noticed an update on Tether’s website, saying that USDT is not fully backed by U.S. dollars and may include other assets and receivables from loans made by Tether to third parties.
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