Tether Created $650 Million Today! - This Is a Problem - The Tether Conspiracy

255 Views · Posted 6 years ago

The company Tether which makes the cryptocurrency Tethers, just created another $650 million today. The conspiracy theory about Tether is that they create more Tethers than they can back up with US dollars.

In other Tether news, they canceled their relationship with their audit firm called Friedman LLP.

Tether Explained (Short summary)

Tether (the company) claims to receive deposits of US dollars from investors, following which they create an equivalent number of tethers (the currency) and give those tethers to the depositor. Tether claims to have $2.2 bln on deposit in its bank accounts to back every tether token in existence on a 1:1 basis. Without an audit, though, it cannot be proven that Tether, in fact, has those reserves, or that they are not being used for something besides the backing of tether tokens.

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