The Wall Street Journal Attacks, Tether Responds. Who Won?

Is this attack on Tether part of The Wall Street Journal's general campaign against bitcoin and crypto? Or did the newspaper feel the impulse to get in on the Tether FUD action a few months too late?.

Timeline of Tether

Tether alleges that the Wall Street Journal has spread false information about its reserve composition and business profitability. The post Tether Hits out at WSJ, Accuses Publication of Having an Agenda Regarding Company Reserves appeared first on BeInCrypto.

Responding to claims that the stablecoin is not adequately backed by reserves, Tether described the allegations as ‘unsubstantiated conclusions'. After a Wall Street Journal article said there were doubts about the company's reserves, Tether reacted with a clarification.

Tether has responded to concerns raised by a recent article by The Wall Street Journal claiming that the USDT issuer has inadequate reserves. The post Tether responds to WSJ's insolvency claim, says its US Treasury assets are safe appeared first on CryptoSlate.

Two weeks ago, Tether made headlines about the improvement in its market capitalization and the fact that it managed to reverse a three-month downtrend. However, Wall Street Journal's (WSJ) recent article has claimed that Tether's balance sheet is in such a meek position that even a 0.

Tether's balance sheet is in bad shape and a small drop could cause insolvency, according to a Wall Street Journal (WSJ) story, even a 0.3% loss in the value of its reserve assets might “make Tether technically insolvent.

Wall Street Journal's Jean Eaglesham and Vicky Ge Huang suggested that such a “thin cushion of equity” could cause mayhem in the market if Tether's liabilities were to outweigh its assets.

In an unprecedented move, Tether [USDT] has defied Office of Foreign Assets Control (OFAC) sanctions. The organization has decided to go against the OFAC on the grounds of the latter not indicating “that a stablecoin issuer is expected to freeze secondary market addresses.

Tether Holdings Limited has released its June 2022 Assurance Consolidated Reserves Report. The debate on the reserves held by Tether has been ongoing, with Tether asserting that its tokens are pegged at 1-to-1 with a matching fiat currency and are backed 100% by Tether's reserves.

Stablecoin issuer Tether said it would not freeze secondary market addresses like those of Tornado Cash without clear instructions. The Tether management described USDC's decision to freeze the addresses without instructions from the US authorities as premature.

Bitcoin (CRYPTO: BTC) has fallen by over 10% since Friday, currently trading at around $20,900 and back below the 200 weekly MA (which is at around $23,100). Some believe that the significant sell-off on Friday was caused by Celsius Network, who are bankrupt, receiving approval to sell mined Bitcoin to cover their operations.