New Threat in the Crypto World! Stablecoin Giant Tether is in Big Trouble!
In the past 24 hours, the cryptocurrency market has experienced significant volatility, with Bitcoin dropping from a peak near $69,000 to a low of $65,596, while other cryptocurrencies such as Ethereum, Solana, and Dogecoin have also plummeted.
In the last 24 hours, a total of 36,655 people were liquidated, with a total liquidation amount of $71.5736 million.
What exactly happened? The main issue is that stablecoin giant Tether is in big trouble, as the U.S. government is considering whether to conduct a 'deep inspection' to check for any violations of sanctions and anti-money laundering regulations.
It is important to note that Tether is the largest stablecoin issuer in the world, with its core asset USDT pegged to the U.S. dollar at a 1:1 ratio. Currently, Tether has a market capitalization of about $120 billion, making it the third-largest cryptocurrency and the token with the highest daily trading volume, reaching up to $190 billion.
However, Tether has responded that it is not facing a widespread investigation and will continue to strengthen regulation. Last month, Tether stated that it had frozen approximately 1,850 cryptocurrency wallets and recovered about $114 million in assets.
This incident serves as a warning to investors, highlighting the risks associated with investing in cryptocurrencies, including anti-money laundering risks, and the need to carefully assess their choices. If Tether is found to be in violation, investor rights may be harmed, and regulatory actions can help protect investors' legitimate rights and maintain market fairness and justice. In summary, this investigation has significant implications and warnings for all aspects of the cryptocurrency field.