加密分析师DESO指责使用风险的财务循环和借入资金，而不是真正的美元来支持USDT。

Tether的总部搬到了萨尔瓦多，其联合创始人Spark对透明度的共同创始人的控制权获得了150B美元的控制权。

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

加密分析师Deso在X上发表了病毒式帖子，引起了对世界上最大的Stablecoin Tether（USDT）稳定性的严重关注。

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.

这位分析师声称，系绳可能不会得到真正的美元全部支持，而是通过借钱和风险的财务循环，可能危害整个加密货币市场。

Analyst Warns of Ponzi-Like Structure Behind Tether

分析师警告绑绳背后的类似庞氏骗的结构

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旨在维持美元1：1钉，是加密生态系统的关键组成部分，促进交易并提供流动性。但是，DeSo声称这一美元支持可能会丢失。

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.

根据他的分析，像Abraxas，Cumberland和Wintermute这样的公司正在利用借入的资金购买USDT，然后将其转换为像比特币这样的加密货币。该加密货币以美元出售，用于偿还贷款并继续周期。

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.

对于这些公司维持循环并保持借来的资金不断发展至关重要。但是，如果价格下跌或需求枯竭，系统可能会崩溃。

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

这种设置，该设置用于产生回报并吸引新的贷方，这是庞氏骗局的特征，该计划是DeSo的特征。

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

Tether的总部Move和联合创始人的代币控股引发了进一步的担忧

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强调说，Tether最近将其总部转移到了萨尔瓦多，萨尔瓦多（El Salvador）是一个与美国没有引渡条约的国家，这一举动可能会妨碍未来Tether的任何潜在法律影响。

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，他标记了Tether的联合创始人Giancarlo Devasini，现在根据Arkham Intelligence等区块链跟踪工具，现在至少控制了1500亿美元的USDT。

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

单个人手中的这种象征性集中度提出了人们对透明度和潜在市场操纵的担忧。

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呼吁记者，调查人员和更广泛的加密货币社区更仔细地审查Tether的储备和操作实践。他的分析和警告引发了加密领域中广泛的讨论和辩论。

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.

随着加密货币市场的不断发展，像系链球菌这样的主要稳定蛋白的稳定性和完整性对​​于生态系统的整体健康和可持续性至关重要。系绳储备或运营的任何问题都可能对整个行业产生深远的影响。

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经济分析工具的帮助下撰写的：一位加密分析师对世界上最大的稳定股（USDT）提出了关于Tether（USDT）的主张。

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.

这位分析师（以前称为Twitter）在X上被称为DESO，声称系绳可能不会得到真正的美元的完全支持，而是借钱和风险的财务循环，这可能会对加密货币市场产生危险的影响。

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这样的公司正在使用借入的资金购买USDT，然后将其转换为像比特币这样的加密货币。该加密货币以美元出售，用于还清贷款并保持周期的运转。

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.

高加密价格和持续需求对于这些公司维持循环并保持借来的资金不断发展至关重要。但是，如果价格下跌或需求枯竭，系统可能会崩溃。

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

该分析师警告说，这种设置是用来借钱来产生回报并吸引新贷方的设置，类似于庞氏骗局。

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最近将其总部转移到了萨尔瓦多（El Salvador），萨尔瓦多（El Salvador）与美国没有引渡条约，这一举动可以看作是Tether试图逃避未来任何潜在的法律影响。

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

此外，根据Arkham Intelligence等区块链跟踪工具，分析师声称，Devasini现在至少控制了1500亿美元的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.

单个人手中的这种令牌集中度令人震惊，并引起了人们对透明度和潜在市场操纵的严重关注。

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

Deso敦促记者，调查人员和加密货币社区更仔细地审查Tether的储备和运营实践。

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

他的分析和警告已经引发了加密领域中广泛的讨论和辩论。

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.

随着加密货币市场的不断增长和成熟，主要稳定剂的稳定性和完整性对​​于生态系统的整体健康和可持续性至关重要。

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

系绳储备或运营的任何问题都可能对整个行业产生严重且深远的后果。