Tether，加密货币的最大威胁？

Bons 在 9 月 14 日的帖子中写道：“Tether 是整个加密货币面临的最大威胁之一。因为我们必须相信他们在没有证据的情况下持有 $118B 的抵押品！

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

投资者对全球最大稳定币 USDT 发行人的担忧越来越大。

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 的创始人兼首席信息官 Justin Bons 最近在 X 上的一系列文字中表达了他对 Tether 可能比 FTX 更大的骗局的担忧。

Tether, a Biggest Threat to Crypto?

Tether，加密货币的最大威胁？

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 日的帖子中写道：“Tether 是整个加密货币面临的最大威胁之一。因为我们必须相信他们在没有证据的情况下持有 $118B 的抵押品！即使在 2021 年，美国商品期货交易委员会 (CFTC) 因 Tether 谎报储备金而对其处以罚款。”

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，美国商品期货交易委员会 (CFTC) 对 Tether 处以 4100 万美元的民事罚款，原因是 Tether 在 USDT 完全由储备金支持的问题上撒谎。 Bons 在他的 X 帖子中分享道，“2021 年 CFTC 罚款是一项和解协议，旨在结束对涉嫌混合客户和公司资金损失 8.5 亿美元的调查。”

Concerns Over Tether’s Collapse

对 Tether 崩溃的担忧

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，有数据显示，Tether 的市场份额在过去两年增长了 20% 后，超过了整个稳定币市场的 75%，这让人们越来越担心这家稳定币巨头对加密货币领域的影响力。

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.

最大的担忧之一源于行业的重大突发事件——FTX交易所惊人的崩盘，导致用户资金损失惊人的89亿美元。 IDA Finance 联合创始人 Sean Lee 表示，虽然 FTX 的崩溃是由于其无法在三天内兑现 60 亿美元的大规模客户提款，但假设的 Tether 崩溃将与其银行合作伙伴有关。

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，一些人认为 Tether 太大而不能倒闭。值得注意的是，作家兼政府间区块链专家 Anndy Lian 预计 Tether 不会面临问题，但警告称，一般来说，大型中心化实体可能会对加密货币领域构成风险。

Increasing Concerns Over Tether’s Transparency

人们对 Tether 透明度的担忧日益增加

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 还透露，Tether 最近对 Adecoagro 的投资首次披露了其治理情况。 Tether Holdings 董事会只有 2 名成员； Giancarlo & Ludovicos，这意味着USDT储备在2024年仍然没有隔离，两人拥有绝对控制权。

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 联合创始人 Lee 也对 Tether 缺乏透明度表示担忧。他写道：“Tether 的结构是一家企业，他们坚持不提供确保社区和机构参与者真正信任的详细透明度，这确实令人担忧。”

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.

尽管 Tether 在第二季度夸耀其储备金价值超过 1180 亿美元，“由 BDO 进行的独立证明”，但 Cyber​​ Capital 的 Bons 声称，Tether 尚未提交其储备金以供第三方审计。

The Unaudited Reserves of USDT

USDT未经审计的储备量

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 强调，尽管自 2015 年以来就承诺会对 USDT 进行审计，但从未对 USDT 进行过审计。“这意味着我们必须相信他们对绝大多数储备的承诺，因为它们无法得到独立验证，”他表示。他还强调，第一家尝试审计的公司甚至在 2018 年因过于彻底而被解雇。

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.

他声称“审计报告”或“会计报告”根本不是正式审计，尽管有这些说法，Tether 从未将其所谓的准备金提交给真正不受限制的第三方审计。

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 声称，“这一切仅仅触及了 Tether 故事的表面。它是腐败、阴谋和犯罪的冰山，其触角伸向四面八方。”

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

Tether 的不确定性和缺乏透明度凸显了加密货币领域加强审查和透明度的迫切需要。

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