Talk:Tether (cryptocurrency)

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content moved

I am moving off a large block of duplicate content from the Bitfinex article. I'll put it here in case editors want to use it.

Reporters from Bloomberg, following reports that tether pricing was manipulated on the Kraken exchange, found evidence that these prices were also manipulated. Red flags included small orders moving the price as much as larger orders, and "oddly specific order sizes—many going out to five decimal points, with some repeating frequently." These oddly sized orders might have been used to signal wash trades in automated trading programs, according to New York University Professor Rosa Abrantes-Metz and former Federal Reserve bank examiner Mark Williams.^[1]

A spokesperson for Bitfinex and Tether has said that the CEO of both firms is Jan Ludovicus van der Velde.^[2][3] Subpoenas from the U.S. Commodity Futures Trading Commission were sent to both Bitfinex and Tether on December 6, 2017.^[3]

Tether has repeatedly claimed that they would present audits showing that the amount of tethers outstanding are backed one-to-one by U.S. dollars on deposit.^[4] They have failed to do so. A posting on their website in June 2018 showed a report by the law firm Freeh, Sporkin & Sullivan LLP (FSS) which appeared to confirm that the issued tethers were fully backed by dollars. However, FSS stated "FSS is not an accounting firm and did not perform the above review and confirmations using Generally Accepted Accounting Principles," and "The above confirmation of bank and tether balances should not be construed as the results of an audit and were not conducted in accordance with Generally Accepted Auditing Standards."^[5][6]

Stuart Hoegner, Tether’s general counsel said "the bottom line is an audit cannot be obtained. The big four firms are anathema to that level of risk. We’ve gone for what we think is the next best thing."^[7]

Research by John M. Griffin and Amin Shams in 2018 suggests that trading associated with increases in the amount of tether and associated trading at Bitfinex account for about half of the price increase in bitcoin in late 2017.^[8][9]

References

1. Leising, Matthew; Rojanasakul, Mira; Pogkas, Demetrios; Kochkodin, Brandon (29 June 2018). "Crypto Coin Tether Defies Logic on Kraken's Market, Raising Red Flags". Bloomberg. Retrieved 29 June 2018.
2. "Bitfinex - Team". www.bitfinex.com. Retrieved 2018-02-25.
3. Leising, Matthew (January 30, 2018). "U.S. Regulators Subpoena Crypto Exchange Bitfinex, Tether". Bloomberg. Retrieved February 24, 2018.
4. "Tether". tether.to. Retrieved 23 June 2018. Our reserve holdings are published daily and subject to frequent professional audits.
5. "Thether website under "Proof of Funds"" (PDF). tether.to. Retrieved 23 June 2018.
6. Irrera, Anna (22 June 2018). "Bitfinex chief strategy officer departs". Reuters. Retrieved 23 June 2018.
7. Leising, Matthew (20 June 2018). "Tether Hired Former FBI Director's Law Firm to Vet Finances". Bloomberg. Retrieved 25 June 2018.
8. Griffin, John M.; Shams, Amin (13 June 2018). "Is Bitcoin Really Un-Tethered?". Social Sciences Research Network. Retrieved 13 June 2018.
9. Popper, Nathaniel (13 June 2018). "Bitcoin's Price Was Artificially Inflated Last Year, Researchers Say". New York Times. Retrieved 13 June 2018.

BDO

According to Tether's website, they have been audited multiple times by BDO Italia, source: https://tether.to/es/transparency/#reports

Is there a reason to not mention that in the article? 2806:264:400:1924:24D8:2748:4C87:3D1F (talk) 07:12, 27 February 2024 (UTC)[reply]

There appears to be a significant number of Non-RS sources throughout the article

I will start going through and replacing/removing where I can, where appropriate will add ^{[citation needed]} ILoveFinance (talk) 04:36, 6 October 2024 (UTC)[reply]

Conflates two topics (cryptocurrency and company)

This article conflates the cryptocurrency and the company Tether Limited. These are two different things, starting from the first paragraph of the lede. ('Tether... is a cryptocurrency stablecoin...' 'It is pegged to the United States dollar...' 'Tether reported having $118.4 billion in reserves...').

An article about a cryptocurrency should discuss its technical implementation, its benefits and risks, its prominence in tech/crypto reporting, its price history, etc. An article about a crypto company should discuss its history, integrity, personnel, media relations, etc.

In my view the better solution is to separate the article into two articles.

A less good solution is to identify the correct article title (is the article primarily about the cryptocurrency, or about the company?) and rewrite as needed, probably with the subordinate topic focused in just one section. 121.200.5.64 (talk) 06:18, 26 June 2025 (UTC)[reply]