Tether Goes on the Offensive Against Wall Street Journal, Cites 84 Mostly Unfavorable Articles Since the Start of 2022 vs. A Large Number of Articles in Favor of FTX
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Tether (USDT), a stablecoin that is pegged to the US Dollar, has apparently opted to combat the perceived bias of the legacy media by responding in kind.
To wit, in a newly published blog post, Tether has identified 84 articles that the Wall Street Journal has written since the start of 2022, with an overwhelming majority of those painting the firm behind the USDT stablecoin in a negative light.
As its coup de grâce, however, Tether has found 28 articles published by the Wall Street Journal on FTX, with most painting a glowing picture of the now-defunct crypto exchange.
Tether tokens, developed by the crypto exchange BitFinex and which trade under the symbol USDT, were initially backed by an equivalent number of US dollars. This meant that each USDT would always equal 1 USD. However, back in February 2019, Tether changed this policy (retrieved from archive.org) to one where the Tether coins are now “100%” backed by its “reserves”. For reference, these reserves included currency, cash equivalents (such as US Treasuries), as well as other assets and receivables from loans made by the company to third parties. In 2022, Tether completely eliminated commercial paper holdings (including Chinese ones) from its reserves.
Of course, Tether’s own past is not as pristine as it otherwise likes to portray. A 2019 investigation by the New York Attorney General concluded that the company had hidden “a loss of $850 million of co-mingled client and corporate funds.” In the ensuing settlement agreement, which barred the company from doing business in New York, it was revealed that Tether coins in
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