New Threat in the Crypto World! The Stablecoin Giant Tether is in Trouble Again!
In the past 24 hours, the crypto market has experienced extreme volatility, with Bitcoin dropping from a high near $69,000 to a low of $65,596. Other cryptocurrencies, including Ethereum, Solana, and Dogecoin, have also seen significant declines.
In the last 24 hours, a total of 36,655 people have been liquidated, with a total liquidation amount of $71.57 million.
What exactly happened? The main issue is that the stablecoin giant Tether is in 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's worth noting that Tether is the world's largest stablecoin issuer, with its core asset USDT pegged to the U.S. dollar at a 1:1 ratio. Currently, Tether has a market capitalization of approximately $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 under widespread investigation and will continue to enhance regulation. Last month, Tether stated that it had frozen around 1,850 crypto wallets and recovered approximately $114 million in assets.
This incident serves as a wake-up call for investors, highlighting the risks associated with investing in cryptocurrencies, such as anti-money laundering concerns, and the need for careful evaluation of choices. If Tether is found to be in violation, investor rights may be compromised, and regulatory actions can help protect investors' legal rights and maintain market fairness. In summary, this investigation brings significant impacts and warnings to various aspects of the cryptocurrency field.