Non-profit organization Consumers’ Research has recently targeted the growing stablecoin Tether, claiming that the unaudited Tether could be the next FTX.
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Non-profit organization launches new advertisement criticizing Tether
Will Tether become the next FTX?
Non-profit organization: Tether only says audit is almost complete
California-based non-profit organization Consumers’ Research has launched a multi-million dollar advertising campaign through television, billboards, and other forms of media to heavily criticize Tether’s business practices.
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The ad, claimed to cost millions of dollars, will run for 30 seconds on digital billboards in Times Square, New York, and the Washington DC area.
The core slogan of the ad is:
Will Tether become the next FTX?
Consumers’ Research, established in 1929, is a non-profit educational organization formed under US tax law and mainly supported by religious and conservative groups. The organization’s other activities include its “Oppose ESG Movement” and serving as a public reporting channel for corporate matters.
According to Consumers’ Research’s press release, Executive Director Will Hild stated:
“In the past 95 years, this (cryptocurrency) technology may have undergone significant 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 undergo audits, as warning signs. We are concerned that Tether could very well become the next FTX, and consumers should reject such a stablecoin.”
Consumers’ Research has specifically created a website called “TetheredToCorruption.com,” which covers previous unfavorable reports on Tether from mainstream media outlets such as The Wall Street Journal and Bloomberg. However, these are known pieces of information, and there is no new insider information to support Consumers’ Research’s claims.
Will Hild personally continues to criticize Tether on Twitter, citing a 2021 interview where Tether’s General Counsel Stuart Hoegner stated that the long-awaited Tether audit would be completed in just a few months. Now, three years have passed, and we are still waiting… What are they hiding?
(Global Big Four accounting firms are afraid to audit Tether, Tether CEO: Actively building relationships)
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Further reading
Liquidator of FTX expects creditors to recover between 119 and 143 cents per dollar, restructuring plan to be discussed on 6/25
FTX settles with the US Internal Revenue Service, resolving $24 billion in claims.