Tether Is the Biggest Crypto Scam Ever, Warns Cyber Capital Founder
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In a recent fiery discussion on X, Justin Bons, founder of Cyber Capital, has unleashed strong criticism against Tether, calling it the largest fraud in the cryptocurrency world.
Bons contends that Tether’s alleged misconduct dwarfs the scandals of FTX and Bernie Madoff, accusing the stablecoin issuer of lacking transparency and bypassing necessary audits.
Bons labeled Tether’s operations a $118 billion scam, pointing out the company’s failure to substantiate its claims of reserve backing with a legitimate audit. Despite promises dating back to 2015, no formal audit has been conducted, which Bons describes as “counterfeit money.” He warns that the potential collapse of Tether could be more devastating than the Terra Luna disaster, given the scale of USDT in circulation.
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