Tether，加密貨幣的最大威脅？

Bons 在 9 月 14 日的貼文中寫道：「Tether 是整個加密貨幣面臨的最大威脅之一。因為我們必須相信他們在沒有證據的情況下持有 $118B 的抵押品！

There are mounting investor concerns around the issuer of the world’s largest stablecoin USDT.

投資者對全球最大穩定幣 USDT 發行人的擔憂越來越大。

Justin Bons, the founder and CIO of Cyber Capital recently shared his concerns in a series of texts on X over how Tether is a potentially bigger scam than FTX.

Cyber​​ Capital 的創始人兼資訊長 Justin Bons 最近在 X 上的一系列文字中表達了他對 Tether 可能比 FTX 更大的騙局的擔憂。

Tether, a Biggest Threat to Crypto?

Tether，加密貨幣的最大威脅？

Bons wrote in a September 14 X post – “Tether is one of the biggest existential threats to crypto as a whole. As we have to trust they hold $118B in collateral without proof! Even after the CFTC fined Tether for lying about their reserves in 2021.”

Bons 在 9 月 14 日的貼文中寫道：「Tether 是整個加密貨幣面臨的最大威脅之一。因為我們必須相信他們在沒有證據的情況下持有 $118B 的抵押品！即使在 2021 年，美國商品期貨交易委員會 (CFTC) 因 Tether 謊報儲備金而對其處以罰款。

In 2021, the United States CFTC fined Tether a $41 million civil monetary penalty for lying about USDT being fully backed by reserves. Bons shared in his X post that “the 2021 CFTC fine was a settlement to end an investigation into an alleged loss of $850 million in commingled client & corporate funds.”

2021 年，美國商品期貨交易委員會 (CFTC) 對 Tether 處以 4,100 萬美元的民事罰款，原因是 Tether 在 USDT 完全由儲備金支持的問題上撒謊。 Bons 在他的 X 帖子中分享道，“2021 年 CFTC 罰款是一項和解協議，旨在結束對涉嫌混合客戶和公司資金損失 8.5 億美元的調查。”

Concerns Over Tether’s Collapse

對 Tether 崩潰的擔憂

Concerns over the stablecoin giant’s influence over the crypto space increased recently after data revealed that Tether’s market share surpassed 75% of the entire stablecoin market after a 20% increase over the past two years.

最近，有數據顯示，Tether 的市場份額在過去兩年增長了 20% 後，超過了整個穩定幣市場的 75%，這讓人們越來越擔心這家穩定幣巨頭對加密貨幣領域的影響力。

One of the biggest worries stems from a major unexpected event in the industry – the startling collapse of the FTX exchange, which resulted in a staggering $8.9 billion loss of user funds. While FTX’s collapse was due to its inability to honor the mass customer withdrawals of $6 billion within three days, a hypothetical Tether collapse would be related to its banking partners, according to Sean Lee, the co-founder of IDA Finance.

最大的擔憂之一源自於該產業的重大突發事件——FTX交易所驚人的崩盤，導致用戶資金損失驚人的89億美元。 IDA Finance 聯合創始人 Sean Lee 表示，雖然 FTX 的崩潰是由於其無法在三天內兌現 60 億美元的大規模客戶提款，但假設的 Tether 崩潰將與其銀行合作夥伴有關。

On the other side, some believe that Tether is too large to fail. Notably, Anndy Lian, author, and intergovernmental blockchain expert, doesn’t expect Tether to face issues but warned that generally, large centralized entities could pose a risk for the cryptocurrency space.

另一方面，有些人認為 Tether 太大而不能倒閉。值得注意的是，作家兼政府間區塊鏈專家 Anndy Lian 預計 Tether 不會面臨問題，但警告稱，一般來說，大型中心化實體可能會對加密貨幣領域構成風險。

Increasing Concerns Over Tether’s Transparency

人們對 Tether 透明度的擔憂日益增加

Bons also shed light that Tether’s recent investment in Adecoagro provided the first disclosure into its governance. The board of Tether Holdings only has 2 members; Giancarlo & Ludovicos, which implies that the USDT reserves are still not segregated in 2024 & the two of them have absolute control.

Bons 也透露，Tether 最近對 Adecoagro 的投資首次揭露了其治理情況。 Tether Holdings 董事會只有 2 名成員； Giancarlo & Ludovicos，這意味著USDT儲備在2024年仍然沒有隔離，兩人擁有絕對控制權。

IDA Finance’s co-founder, Lee, was also concerned about Tether’s lack of transparency. He wrote: “Tether is structured as a business and their insistence on not providing the level of detailed transparency that ensures real trust from the community and institutional players is indeed concerning.”

IDA Finance 聯合創始人 Lee 也對 Tether 缺乏透明度表示擔憂。他寫道：“Tether 的結構是一家企業，他們堅持不提供確保社區和機構參與者真正信任的詳細透明度，這確實令人擔憂。”

Despite Tether boasting over $118 billion worth of reserves in its second quarter “independent attestations conducted by BDO,” Cyber Capital’s Bons asserts that Tether has yet to submit its reserves for a third-party audit.

儘管 Tether 在第二季度誇耀其儲備金價值超過 1180 億美元，“由 BDO 進行的獨立證明”，但 Cyber​​ Capital 的 Bons 聲稱，Tether 尚未提交其儲備金以供第三方審計。

The Unaudited Reserves of USDT

USDT未經審計的儲備量

Bons stressed that there has never been an audit of USDT, despite promising to do so since 2015. “This means we have to take their word for the vast majority of reserves, as they cannot be independently verified,” he stated. He also highlighted that the first firm to attempt an audit even got fired for being too thorough in 2018.

Bons 強調，儘管自2015 年以來就承諾會對USDT 進行審計，但從未對USDT 進行過審計。表示。他還強調，第一家嘗試審計的公司甚至在 2018 年因過於徹底而被解僱。

He claimed that an ‘Auditor’s Report’ or an ‘Accountant Report’ is not a formal audit at all and despite the claims, Tether has never submitted its alleged reserves to a real unrestricted, third-party audit.

他聲稱「審計報告」或「會計報告」根本不是正式審計，儘管有這些說法，Tether 從未將其所謂的準備金提交給真正不受限制的第三方審計。

Bons claims that “This all only scratches the surface of the Tether story. It is an iceberg of corruption, conspiracy & crime, with its tendrils reaching everywhere.”

Bons 聲稱，「這一切都僅僅觸及了 Tether 故事的表面。它是腐敗、陰謀和犯罪的冰山，其觸角伸向四面八方。

The uncertainty and lack of transparency surrounding Tether emphasizes the urgent need for enhanced scrutiny and transparency in the crypto space.

Tether 的不確定性和缺乏透明度凸顯了加密貨幣領域加強審查和透明度的迫切需求。

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