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Mashinsky says USDT is minted for crypto as $1M bounty offered to unpick reserves
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A bounty of up to $1 million has been offered up to anyone who can cast light on the precise backing of Tether’s reserves.
That backing just got a little bit murker, after Celsius Network CEO Alex Mashinsky reportedly said that Tether mints new USDT in exchange for crypto assets — which appears to conflict with Tether’s own terms and conditions.
"Forensic financial research" firm Hindenburg Research tweeted on Oct. 20 to its 171K followers that it holds "doubts about the legitimacy of Tether," and offered a reward of up to $1 million for important details on Tether’s reserves which it claims could pose a threat to investors on a “systemic” scale.
“The company claims to hold a significant portion of its reserves in commercial paper yet has
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