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Tether Write for Us

Tether writes for us – A chill runs down the backs of those who have placed their trust in Tether. This cryptocurrency secures its exchange price for its backing in dollars and euros, among those who use Bitfinex of the leading cryptocurrency exchanges in the world. The links among the two appear to be much more profound than is known, and there are severe doubts about the fundamental survival of the backings in traditional currencies that Tether claims to possess. In recent weeks, the number of ropes circulating suggests that anchor funds are not available. Bitfinex has hired a law firm to sue those who slander the exchange house.

What is Tether?

Tether is a cryptocurrency developed in 2015 and under blockchain technology. This currency presents itself as oblivious to the volatility that affects bitcoin and other traditional virtual currencies. Those responsible for Tether ensure that a dollar backs each unit. In other words, all the ropes that circulate protect by an equal amount of dollars that they keep in reserve.

This cryptocurrency has developed two tokens, one known as USDT, backed by dollars, and the other, EURT, supported by the single European currency.

One of the main problems that have set to the debate is that, at present, 814 million Tether circulate, so there should be a reserve in the same amount of dollars. However, nobody knows the accounts or the banks where the backup resources accumulate.

In recent months, the issuance of USDT has grown by 220 million, and some analysts disbelieve the existence of the corresponding backups. For Charlie Lee, creator of Litecoin, one of the most important cryptocurrencies, “there is a fear that the printing of USDT has helped the recent price increase (of bitcoins) without dollar backing in a bank account.” That state in his Twitter account.

Bitfinex and Tether

One of the essential suspicions is the relationship between the Bitfinex exchange and Tether. The exchange house has made meaningful exchanges between Tether and bitcoin, hence the suspicion that this has driven the growth of the leading cryptocurrency to $ 11 in recent days.

Bitfinex assures that it will go all out against those who seek to defame the firm, and for this, it has hired the law firm Steptoe &Johnson. The main objective is to neutralize an anonymous user of social networks known as Bitfinexed and denounce the exchange for promoting wash trading.

The house, suspected of manipulating Tether tokens, had had to stop serving its customers in the United States when the commercial link with Wells Fargo, the North American bank that operated as a link with the Bitfinex banks in Taiwan, was broken.

And where are the accounts of Tether Write for Us?

If Tether’s forte is its backing in actual currencies, investors surely want to know where the dollars and euros intended to back their investments are. But that is quite a mystery. Some clients are known to have direct to a Polish bank, the Spoldzielczy Bank, but this could not confirm by the authorities of either Bitfinex or Tether.

It is striking that, on its website, Tether ensures the one-to-one exchange with the dollar. Still, reading the terms of service carefully on its website, it is noted that “there is no right or other right, or legal regulation against us, of exchanging tethers for money. We do not guarantee any right of exchange on our part for money”.

Phil Potter is a director at Tether and also list as Bitfinex’s chief strategy officer. However, it became known through the disclosure of the investigation known as Paradise Papers, carried out by the International Consortium of Investigative Newspapers, the links in money movement between virtual currency and the exchange house.

The case of OguzSerdar

OgusSerdar, a Turkish developer and designer, began charging his works in bitcoin when the government of that country banned the use of Paypal. At one point, when he feared a cryptocurrency crash, he moved his funds to Tether.

Serdar wanted, at the time, to collect a million rope, and the company rejected the request. The dispute made at the time was that Tether would only process payment orders from verified corporate customers. And also, the Tether authorities proposed to OgusSerdar that he sell his tokens to a list of exchange partners.

Ultimately, Serdar chose to buy back bitcoins. Doubts hang over Tether, and the Bitfinex house and the market are wondering where the 814 million dollars should support the controversial virtual currency.