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Hedge Funds Working to Systematically Destroy USDT’s Liquidity: Tether CTO

Written by: Qadir AK

June 28, 2022

Today, Paolo Ardoino, Tether’s Chief Technology Officer, responded to what he described as “public and planned” attacks against USDT by several hedge funds. He stated that they might have done this to propagate more FUD in the aftermath of TERRA/LUNA’s demise.

Are Hedge Funds “Sacred Heroes”?

USDT’s claim to be the most stable coin linked to the US dollar has recently been questioned. Recent developments, such as a new priority for USDC and USDT’s continual depeg, have aroused suspicions in the cryptocurrency world.

Paolo Ardoino describes the mechanics of the “public attacks” on USDT in a lengthy conversation on Twitter, claiming that hedge funds have worked to destroy USDT liquidity by short-selling extensively and further re-purchasing at a discounted cost.

He further stated that the hackers have not stopped their assaults yet.

Tether’s treasury bills commitment has been decreased from $45 billion to $8.4 billion, according to Ardoino. However, he underlined Tether’s continued support and took a dig at hedge funds that have previously struggled, claiming they are seen as “sacred heroes” in the business

Challenges Are Inevitable For Any New Industry

In an interview with CNBC, Reeve Collins, co-founder of Tether and CEO of BLOCKv, described the budding DeFi market, adding that challenges are inevitable whenever a new industry emerges. He also addressed FTX’s recent rescue of certain struggling crypto startups. 

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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