4D Chess: Tether Accused of Buying Its Own Tokens to Make Quick Millions

Alex Dovbnya
Ran NeuNer, CNBC Africa’s “Crypto Trader” host, has recently expressed his indignation on Twitter pertaining to Tether redeem and burn 600 mln of USDT tokens
4D Chess: Tether Accused of Buying Its Own Tokens to Make Quick Millions
Cover image via U.Today

Ran NeuNer, CNBC Africa’s “Crypto Trader” host, has recently expressed his indignation on Twitter pertaining to Tether redeem and burn 600 mln of USDT tokens. He claims that Tether was able to make about $30 mln because of last week’s five percent discount.

His tweet immediately provoked a heated discussion with Twitter users agreeing that the company behind the world’s biggest stablecoin is not playing fair. They’ve seemingly reached the consensus that Tether is intentionally running and amplifying a FUD campaign in order to buy its own tokens at a lower price and later issue them at 1:1 ratio again.

Another user suggests that burning USDT tokens is necessary for an increase in demand that would subsequently allow Tether to get back on its peg.
 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.