加密分析師DESO指責使用風險的財務循環和借入資金，而不是真正的美元來支持USDT。

Tether的總部搬到了薩爾瓦多，其聯合創始人Spark對透明度的共同創始人的控制權獲得了150B美元的控制權。

Crypto analyst Deso has made a viral post on X, raising serious concerns about the stability of Tether (USDT), the world’s largest stablecoin.

加密分析師Deso在X上發表了病毒式帖子，引起了對世界上最大的Stablecoin Tether（USDT）穩定性的嚴重關注。

The analyst claims that Tether may not be fully backed by real US dollars, but instead by borrowed money and risky financial loops, potentially endangering the entire crypto market.

這位分析師聲稱，繫繩可能不會得到真正的美元全部支持，而是通過借錢和風險的財務循環，可能危害整個加密貨幣市場。

Analyst Warns of Ponzi-Like Structure Behind Tether

分析師警告綁繩背後的類似龐氏騙的結構

Tether, designed to maintain a 1:1 peg with the US dollar, is a crucial component of the crypto ecosystem, facilitating trading and providing liquidity. However, Deso alleges that this dollar backing may be missing.

Tether旨在維持美元1：1釘，是加密生態系統的關鍵組成部分，促進交易並提供流動性。但是，DeSo聲稱這一美元支持可能會丟失。

According to his analysis, firms like Abraxas, Cumberland, and Wintermute are leveraging borrowed funds to buy USDT, which is then converted into crypto like Bitcoin. This crypto is sold for dollars, which are used to repay the loans and continue the cycle.

根據他的分析，像Abraxas，Cumberland和Wintermute這樣的公司正在利用借入的資金購買USDT，然後將其轉換為像比特幣這樣的加密貨幣。該加密貨幣以美元出售，用於償還貸款並繼續週期。

The high crypto prices and constant demand are essential for these firms to sustain the loop and keep the borrowed money rolling over. But if prices fall or demand dries up, the system could collapse.

對於這些公司維持循環並保持借來的資金不斷發展至關重要。但是，如果價格下跌或需求枯竭，系統可能會崩潰。

This setup, where borrowed money is used to generate returns and attract new lenders, is characteristic of a Ponzi scheme, warns Deso.

這種設置，該設置用於產生回報並吸引新的貸方，這是龐氏騙局的特徵，該計劃是DeSo的特徵。

Tether’s HQ Move and Co-Founder's Token Holdings Spark Further Concerns

Tether的總部Move和聯合創始人的代幣控股引發了進一步的擔憂

In another post, Deso highlighted that Tether has recently shifted its headquarters to El Salvador, a nation without an extradition treaty with the U.S. This move could hamper any potential legal repercussions for Tether in the future.

在另一篇文章中，Deso強調說，Tether最近將其總部轉移到了薩爾瓦多，薩爾瓦多（El Salvador）是一個與美國沒有引渡條約的國家，這一舉動可能會妨礙未來Tether的任何潛在法律影響。

Furthermore, he flagged that Tether’s co-founder, Giancarlo Devasini, now controls at least $150 billion in USDT, as per blockchain tracking tools like Arkham Intelligence.

此外，他標記了Tether的聯合創始人Giancarlo Devasini，現在根據Arkham Intelligence等區塊鏈跟踪工具，現在至少控制了1500億美元的USDT。

This level of token concentration in the hands of a single individual raises concerns about transparency and potential market manipulation.

單個人手中的這種象徵性集中度提出了人們對透明度和潛在市場操縱的擔憂。

Deso has called on journalists, investigators, and the wider crypto community to scrutinize Tether’s reserves and operational practices more closely. His analysis and warnings have sparked widespread discussion and debate within the crypto sphere.

DeSo呼籲記者，調查人員和更廣泛的加密貨幣社區更仔細地審查Tether的儲備和操作實踐。他的分析和警告引發了加密領域中廣泛的討論和辯論。

As the crypto market continues to evolve, the stability and integrity of major stablecoins like Tether are critical for the overall health and sustainability of the ecosystem. Any issues with Tether’s reserves or operations could have far-reaching consequences for the entire industry.

隨著加密貨幣市場的不斷發展，像系鏈球菌這樣的主要穩定蛋白的穩定性和完整性對​​於生態系統的整體健康和可持續性至關重要。繫繩儲備或運營的任何問題都可能對整個行業產生深遠的影響。

This article has been written with the help of AI and economic analysis tools.output: A crypto analyst has made a concerning claim about Tether (USDT), the world’s largest stablecoin.

本文是在人工智能和經濟分析工具的幫助下撰寫的：一位加密分析師對世界上最大的穩定股（USDT）提出了關於Tether（USDT）的主張。

The analyst, known as Deso on X (formerly Twitter), has alleged that Tether may not be fully backed by real US dollars, but rather by borrowed money and risky financial loops, which could have dangerous implications for the crypto market.

這位分析師（以前稱為Twitter）在X上被稱為DESO，聲稱繫繩可能不會得到真正的美元的完全支持，而是藉錢和風險的財務循環，這可能會對加密貨幣市場產生危險的影響。

Deso's analysis suggests that firms like Abraxas, Cumberland, and Wintermute are using borrowed funds to buy USDT, which is then converted into crypto like Bitcoin. This crypto is sold for dollars, which are used to pay off the loans and keep the cycle going.

Deso的分析表明，像Abraxas，Cumberland和Wintermute這樣的公司正在使用借入的資金購買USDT，然後將其轉換為像比特幣這樣的加密貨幣。該加密貨幣以美元出售，用於還清貸款並保持週期的運轉。

The high crypto prices and constant demand are crucial for these firms to sustain the loop and keep the borrowed money rolling over. However, if prices fall or demand dries up, the system could collapse.

高加密價格和持續需求對於這些公司維持循環並保持借來的資金不斷發展至關重要。但是，如果價格下跌或需求枯竭，系統可能會崩潰。

This setup, where borrowed money is used to generate returns and attract new lenders, is similar to a Ponzi scheme, warns the analyst.

該分析師警告說，這種設置是用來借錢來產生回報並吸引新貸方的設置，類似於龐氏騙局。

Moreover, Deso notes that Tether has recently moved its headquarters to El Salvador, a country that does not have an extradition treaty with the U.S. This move could be seen as an attempt by Tether to evade any potential legal repercussions in the future.

此外，Deso指出，Tether最近將其總部轉移到了薩爾瓦多（El Salvador），薩爾瓦多（El Salvador）與美國沒有引渡條約，這一舉動可以看作是Tether試圖逃避未來任何潛在的法律影響。

Furthermore, the analyst claims that Devasini now controls at least $150 billion in USDT, according to blockchain tracking tools like Arkham Intelligence.

此外，根據Arkham Intelligence等區塊鏈跟踪工具，分析師聲稱，Devasini現在至少控制了1500億美元的USDT。

This level of token concentration in the hands of a single individual is staggering and raises serious concerns about transparency and potential market manipulation.

單個人手中的這種令牌集中度令人震驚，並引起了人們對透明度和潛在市場操縱的嚴重關注。

Deso has urged journalists, investigators, and the crypto community to scrutinize Tether’s reserves and operational practices more closely.

Deso敦促記者，調查人員和加密貨幣社區更仔細地審查Tether的儲備和運營實踐。

His analysis and warnings have already sparked widespread discussion and debate within the crypto sphere.

他的分析和警告已經引發了加密領域中廣泛的討論和辯論。

As the crypto market continues to grow and mature, the stability and integrity of major stablecoins are essential for the overall health and sustainability of the ecosystem.

隨著加密貨幣市場的不斷增長和成熟，主要穩定劑的穩定性和完整性對​​於生態系統的整體健康和可持續性至關重要。

Any issues with Tether’s reserves or operations could have serious and far-reaching consequences for the entire industry.

繫繩儲備或運營的任何問題都可能對整個行業產生嚴重且深遠的後果。