BSV co-founder Craig Wright slammed Tether following recent SEC moves
Australian computer scientist Craig S. Wright, widely known to the crypto community as the self-proclaimed Satoshi Nakamoto or Faketoshi, took to Twitter to attack the USDT stablecoin issued by Tether.
CSW slams Tether after Mr. Whale’s tweet
CSW responded to a tweet from a prominent crypto expert who goes by the name of Mr. Whale on Twitter.
The latter reminded the community of the statement made recently by the US securities regulator SEC, where they said that “proof of reserves” means nothing and proves nothing about crypto reserves on digital exchanges.
Therefore, he believes, the SEC plans to take enforcement action against the issuer of the largest stablecoin by market capitalization in the market. The regulatory agency, according to the expert, has just hinted at such a move, but it avoids saying it outright, fearing that it will collapse the entire cryptocurrency industry. Mr Whale concluded his tweet by assuming that “Tether will go 100% bankrupt”.
Craig Wright commented on this, saying “they are already bankrupt” and likened USDT to “a dead coin that works”.
Fasteners are broken.
Already… the dead piece works pic.twitter.com/GNs5WbVIve
— Dr. Craig S Wright (@Dr_CSWright) March 24, 2023
Tether’s USDT Surpasses USDC and BUSD
Yet, USDT remains the most popular USD-pegged stablecoin on the market – it is still on CoinMarketCap’s top three crypto list and its market capitalization currently sits at $79,091,618,240.
The other two popular stablecoins that were close to it, BUSD and USDC, were left behind. Binance and its partner Paxos have stopped minting BUSD. Also, recently Binance’s CZ announced that around 2 billion BUSD will be burned.
USDC ran the risk of separating from the USD when the US banking crisis began and the first three major banks – Silvergate, Silicon Valley Bank and Signature Bank – were declared insolvent. However, the US government has promised its customers to help them maintain access to their repositories.
This banking crisis continues. It nearly killed the USDC but also propelled Bitcoin price to a high of $28,000 and briefly brought Ethereum down to $1,800.