Tether Blockchain Snooping Reveals $12 Million Worth of USDT Sent From Treasury to Unknown Wallet

Tether and Bitfinex are at the center of an ongoing raging controversy which does not seem to die down any time soon. It all started with Bitfinex covering their losses with its USDT reserve and then manipulating their financial sheets to show no losses at all. It was followed by New York Attorney General filing a lawsuit against Tether and Bitfinex for defrauding investors by covering their losses. The lawsuit was followed by Tether making amendments to their user policy, where it had earlier mentioned that all of its USDT reserves are backed by US dollar, however, it was later revealed that only 70 percent of the total USDT is backed by US dollar. In the court proceedings, the company also admitted that a certain portion of its reserves is backed by Bitcoin as well. The news is surely going to make many consumers unhappy and make them feel cheated, as using Bitcoin as a reserve for the stable coin is not just ethically wrong, but it might also attract several lawsuits against the