The Rumblings of Rumor
When Bloomberg dropped the bombshell about a supposed link between Tether and the now-defunct Signature Bank, a flurry of speculation erupted. It was akin to dropping a Mentos into Diet Coke—chaotic and messy. However, Tether quickly jumped into action to quell these swirling rumors.
Tether’s Response: Setting the Record Straight
In an email volleyed off to Cointelegraph and other news outlets, Tether made it crystal clear: they have absolutely no exposure to Silvergate, Silicon Valley Bank, and especially, Signature Bank. They also pointed out a major fault in Bloomberg’s reporting, stating the article failed to mention that no formal account had ever been set up between Tether and Signature. Talk about a plot twist!
A CTO with a Social Media Presence
Tether’s Chief Technology Officer, Paolo Ardoino, was not about to let these allegations slide without putting in his two cents. Twitter became his soapbox, where he reiterated that Tether had zero exposure to Signature Bank. His tweets on March 2 and March 10 were equally emphatic about the company’s clean slate with both Silvergate and Silicon Valley Bank.
The Reality Check at Paris Blockchain Week
Fast forward to the dazzling Paris Blockchain Week 2023, where Ardoino took center stage, boasting about Tether’s impressive $1.7 billion in excess reserves. It’s like showing off your vault of gold bars while others are still trying to find their piggy banks. He continued to tout USDT as one of the safest assets globally—even amidst recent banking tumult.
Old Allegations Resurface
Just when you thought the dust had settled, Tether found itself having to address stale allegations from the Wall Street Journal about “faked documents” to open bank accounts. Like an old rerun of a bad sitcom, these claims were dragged back into the spotlight, suggesting Tether had resorted to shady moves to secure banking opportunities. But Tether staunchly defended its integrity, urging folks not to believe everything they read.
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