The non-profit organization Consumers’ Research has recently targeted Tether, a stablecoin that is getting bigger and bigger, claiming that Tether, which has never completed a comprehensive audit, may be the next FTX.

(Chain News actually breaks down the Forbes report: Tether’s profits declined, using different indicators to confuse the audience)

Nonprofit’s new ad slams Tether

Consumers’ Research, a California-based non-profit organization, recently launched a multi-million-dollar advertising campaign that will be promoted through television, billboards and other forms. The advertisements lash out at Tether’s business practices.

The million-dollar ad, which is said to be just 30 seconds long, will run on digital billboards in Times Square and on mobile billboards in New York and Washington, D.C.

The core slogan of the advertisement is:

Will Tether be the next FTX?

Consumers’ Research was founded in 1929 as a non-profit educational organization established under U.S. tax law and supported primarily by religious and conservative groups. The group’s other activities include its “anti-ESG campaign” and serving as a public reporting channel against companies.

Will Tether be the next FTX?

According to a Consumers’ Research press release, executive director Will Hild said:

This (cryptocurrency) technology may have changed so much over the past 95 years that the currency itself is being revolutionized, but our mission remains the same. We are exposing Tether’s questionable business practices, including warning signs such as a decade-long refusal to audit, and we worry that Tether may very well become the next FTX, and consumers should reject such stablecoins.

Consumers' Research has set up a special website "TetheredToCorruption.com" for this purpose, which covers past unfavorable reports on Tether by mainstream media such as the Wall Street Journal and Bloomberg. However, these are all known information and there are no more new inside stories to support Consumers' Statement from Research.

Nonprofit: Tether will only say audit is almost complete

Will Hild personally continued to criticize Tether on Twitter. He cited an interview in 2021 and pointed out:

At the time, Tether General Counsel Stuart Hoegner said he expected the long-awaited Tether audit to be completed in just a few months. Now almost three years have passed and we are still waiting...what are they hiding?

(The world’s four largest accountants are afraid to accept Tether’s audit, Tether CEO: We are working hard to build relationships)

FLASHBACK: In an interview from July of 2021, @Tether_to's General Counsel Stuart Hoegner (@BitcoinLawyer) said he expected a long-awaited audit of Tether to be done in mere months.

Now, nearly 3 years later, we're still waiting…

What are they hiding?https://t.co/pKKRxrP8XA pic.twitter.com/BUb1kJAJCR

— Will Hild (@WillHild) June 20, 2024

This article "The Next FTX", the non-profit organization's new advertisement spends millions of dollars to criticize Tether appeared first on Chain News ABMedia.