Founder of the oldest crypto fund in Europe

• Cyber ​​Capital founder slams Tether, calls stablecoins a $118 billion scam bigger than FTX and Bernie Madoff.
• Executive provides insight into Tether governance and notes disclosures following recent investment in Adecoagro.
• USDT is holding steady, holding its $1 level on Sunday.

The founder of Cyber ​​Capital, the oldest crypto fund in Europe, criticized Tether for their reserves and said that there has been no audit since 2021. In a tweet thread about X, Justin Bons supports his position on at the stablecoin company with statistics.

USDT remained steady at $1 per token.

Cyber ​​Capital founder calls Tether for audits and proof of reserves

Tether, the largest issuer of stablecoins, has been criticized by Justin Bons, the founder of Cyber ​​Capital, one of the oldest crypto funds in Europe. Bons Labels Tether “$118 Billion Scam, Bigger Than FTX And ​​Bernie Madoff Combined!”

Bons says there was no evidence of reserves or auditing, and the stablecoin firm is “printing counterfeit money.”

Advocacy firm slams Tether, criticizes USDT issuer

Consumers’ Research, an advocacy organization, recently expressed concern about Tether and criticized the stablecoin issuer for exposing USDT users to significant risk due to their business model.

Even as these concerns surface, Tether continues to serve as an on/off ramp for users on most cryptocurrency exchanges around the world. The USDT issuer has become one of the most profitable companies.

Tether reported a net profit of $12.72 billion as of Q4 2022. This marks a higher profit than asset management giant BlackRock.

FXStreet has reached out to Tether for comment, watch this space for updates.