Hindenburg Research, an analyst firm specializing in financial investigations, will pay $ 1 million for information on the reserves of the USDT stablecoin from Tether. Analysts reported this on their official website.
As stated in Hindenburg Research, Tether does not tell the whole truth, and the available information is opaque:
“The company claims to hold a significant portion of its reserves in commercial paper, but discloses virtually nothing about its counterparties.”
Hindenburg Research notes that most of the USDT collateral consists of commercial paper, but experts found that not a single large The trading firm has never seen the assets it owned in Tether.
“We strongly believe that Tether must fully and thoroughly disclose its assets to the public. In the absence of such disclosures, we are offering a $ 1 million reward to anyone who can provide us with exclusive information on Tether’s estimated holdings, ”said Nathan Anderson, founder of Hindenburg Research.
At the time of this writing, Tether has not officially commented on the Hindenburg Research initiative in any way. The announcement of the financial reward comes after the United States Futures Trading Commission fined Bitfinex and Tether a total of $ 42.5 million.
Tether has reportedly been misled by false claims that USDT was “fully backed by US dollars.” Bitfinex must pay a $ 1.5 million fine for non-compliance with regulatory requirements.
The regulator also ordered the crypto exchange to implement additional systems to prevent illegal retail commodity transactions. The market capitalization of USDT at the time of writing is $ 70 billion.
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