🚨 Cyper Capital Founder Calls Tether “Crypto’s Biggest Scam” 🚨
💲Recently in a debate, Justin Bons, founder of Cyper Capital, made a strong criticism of Tether and called it the crypto world’s biggest scam. Bons accused the world’s largest stablecoin issuer of lacking transparency and skipping necessary audits. This scandal is bigger than the FTX and Bernie Madoff scandals. 🙅Bons labeled Tether’s operations a $118 billion scam, pointing out that the company has failed to back up its reserve claims with a legitimate audit. Despite promises since 2015, no formal audit has been conducted, which Bons described as “fake money.” He warned that a potential Tether collapse could be more devastating than the Terra Luna disaster, given the size of USDT in circulation.
🕛The criticism also extended to Tether's governance and the company's questionable history. Bons criticized the company's auditing practices, noting that a full audit in 2018 was allegedly dismissed and that recent reports from BDO were merely "accountants' reports" rather than full audits. He also expressed concerns about Tether's minimal board structure, arguing that this could contribute to poor governance.
