In case you’ve been away, there’s been a bit of a hoo-hah regarding Tether over the past week or so. This has now descended into open calls for Binance and other exchanges to delist ‘the original stablecoin’.
A Strong And Stable Governance
The story so far:
- Payment processor, Crypto Capital Corp, “seizes and safeguards” $850 million of Bitfinex funds.
- Bitfinex takes an interest-bearing loan from affiliated stablecoin Tether’s US dollar reserves, to plug the gap. Bitfinex uses stock to secure the loan, although this means Tether is no longer 100% USD-backed.
- New York Attorney General accuses Bitfinex and Tether parent-company, iFinex, of a cover-up.
- The baying-for-blood crypto-mob discovers Tether is only 74% cash-backed and loses its shit.
You’re Not On Delist – You Can’t Come In
What this story really needed was few rabble-rousing villagers with pitchforks and torches, to rid the town of this ‘evil’. And there’s no better way of gathering those than posting a charged (and slightly leading) call to…