Non-profit organization Consumers’ Research has recently targeted the growing stablecoin Tether, claiming that the unaudited Tether may be the next FTX.
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Non-profit organization’s new ad criticizes Tether
Will Tether become the next FTX?
Non-profit organization: Tether only says the audit is almost complete
Consumers’ Research, a non-profit organization based in California, recently launched a multi-million dollar advertising campaign to be promoted through television, billboards, and other forms of advertising, strongly criticizing Tether’s business practices in the advertisements.
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The claim is that the million-dollar ad will only be 30 seconds long and will be played on digital billboards in Times Square, as well as mobile billboards in New York and Washington, D.C.
The core slogan of the ad is:
Will Tether be the next FTX?
Founded in 1929, Consumers’ Research is a non-profit educational organization established under U.S. tax law, primarily supported by religious and conservative groups. The organization’s other activities include its “anti-ESG movement” and serving as a public reporting channel for businesses.
According to Consumers’ Research’s press release, Executive Director Will Hild stated:
In the past 95 years, this (cryptocurrency) technology has undergone tremendous changes, to the point where the currency itself is undergoing revolutionary changes, but our mission remains the same. We are exposing Tether’s suspicious business practices, including a decade-long refusal to audit, as warning signals. We are concerned that Tether is likely to become the next FTX, and consumers should reject such stablecoins.
Consumers’ Research has set up a website specifically for this called “TetheredToCorruption.com,” which covers past unfavorable reports on Tether by mainstream media such as The Wall Street Journal and Bloomberg. However, these are all known information, and there is no new insider information to support Consumers’ Research’s claims.
Will Hild has also continued to criticize Tether personally on Twitter, quoting a 2021 interview where Tether’s General Counsel Stuart Hoegner stated that he expected the long-awaited Tether audit to be completed in just a few months. Now, three years have passed, and we are still waiting… What are they hiding?
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