Bloomberg’s investigative report on Tether’s undisclosed reserves has, to say the least, blown up. The article has made several claims regarding USDT reserve assets, followed by Tether CEO Jan Ludovicus van der Velde deleting his account.
The popular financial news site said it had obtained documents revealing Tether Reserves and claimed that it has some questionable reserves under its backing. The $66 billion worth cryptocurrency allegedly has billions in commercial papers from large Chinese firms including the Evegrande group.
Following this, Van der Velde published a Tweet denying the claims made by Bloomberg, calling it a “financial enslaved dying magazine” trying to delay its extinction, and asked its audience to “stay tuned”.
Tether’s official response was no less fierce after it wrote:
“The Bloomberg BusinessWeek piece published today is a one-act play the industry has seen many times before, taking snippets of old news from various places and dubious sources, and making it fit a pre-packaged and pre-determined narrative.”
“This article does nothing more than attempt to perpetuate a false and aging story arc about Tether based on innuendo and misinformation, shared by disgruntled individuals with no involvement with or direct knowledge of the business’s operations. It’s another tired attempt to undermine a market leader whose track record of innovation, liquidity, and success speaks for itself.”
Tether CEO has largely worked in the background without offering any engagement to its audience with regards to Tether or its sister company Bitfinex.