The battle between Tether, one of many largest stablecoins within the cryptocurrency market, and the Wall Road Journal (WSJ) has been lengthy and arduous. Tether has been combating in opposition to what it claims is biased and deceptive protection by the WSJ for years, sending the strain to a boiling level. In its newest assertion, Tether slammed the WSJ for what it sees as biased reporting and failure to focus on the “proper culprits” within the cryptocurrency trade. This comes after years of allegations and accusations from either side, with Tether denying claims of artificially inflating the value of Bitcoin and the WSJ questioning the legitimacy of Tether’s backing of USDT tokens.
Tether Turns into Goal of Outdated and Deceptive Protection
Tether, the issuer of the USDT stablecoin, has strongly criticized the Wall Road Journal (WSJ) and different conventional media shops for his or her damaging protection of the corporate whereas concurrently selling different cryptocurrency corporations which have ended up as a number of the largest monetary failures in historical past.
This scathing assault comes simply two days after Silvergate Financial institution, one other high-profile crypto-related firm, suffered a big downturn because of the present crypto winter. Tether’s condemnation of the WSJ highlights the continued stress between the stablecoin issuer and the media, with either side buying and selling accusations and denials over time.
In a weblog submit printed right now, Tether accused the Wall Road Journal of publishing “outdated, inaccurate, and deceptive” reviews in regards to the blockchain agency. Tether’s submit additionally refuted a current WSJ article that claimed the corporate’s operations weren’t in compliance with US laws. Tether wrote,
“This conflicts with the fact that Tether operates beneath substantial monetary laws and cooperates on a near-daily foundation with international legislation enforcement. This consists of common cooperation with the U.S. Division of Justice and different high tier US businesses, whereas not servicing US-based prospects.”
WSJ Printed 84 Damaging Experiences on Tether
Tether has accused the Wall Road Journal of unfairly focusing on the Hong Kong-based blockchain agency, claiming that the favored information outlet has a historical past of “hardly ever specializing in the best targets” within the crypto trade. Tether pointed to a number of high-profile crypto corporations which have collapsed in current months, together with FTX, Genesis, and Celsius Community, as examples of corporations that the WSJ ought to have been investigating as a substitute.
Tether famous that 84 articles about or mentioning the corporate within the WSJ from Jan. 1, 2021, to Jan. 1, 2022, are damaging. In distinction, Tether stated that the WSJ had issued 28 reviews about or mentioning FTX, with “nearly all of them optimistic.”
Amidst the present turmoil in each the crypto and inventory markets, Tether has launched the weblog submit, coinciding with the liquidation of Silvergate and the collapse of Silicon Valley Financial institution (SBV) shares.
The most recent blow to the crypto trade with Silvergate’s liquidation additional helps Tether’s claims. Tether, which has been topic to intense scrutiny lately relating to its solvency and transparency, has weathered vital downturns within the cryptocurrency market. Regardless of criticism, its USDT stablecoin continues to stay one of many largest cryptocurrencies by market cap.