A Twitter account owned by the CEO of Tether has been deleted following a controversy over the USDT stablecoin.
Bloomberg has published an investigation into the reserves supporting the USDT Tether token. This report concluded that Tether provided the coin with dubious assets, including Chinese debt.
Now, the Twitter account owned by Tether CEO Jan Ludovicus van der Velde has been deleted either by himself or by someone with access to the account.
Van der Velde’s account was previously @urwhatuknow. His latest tweet, published on October 4, is still available as an archived page and anticipated the content of the Bloomberg article by several days. This post reads:
[A] Another financial enslaved dying magazine is trying to come up with some kind of #Tether FUD to make some money and delay its disappearance for a few more days, stay tuned…. #dinosaurs
Even before his account was deleted, Van der Velde was considered a mysterious person. Some wonder if the CEO exists or is it just a pseudonym for one or more community members.
Although at least have been found some interviews with the CEO’s involvement, Van der Velde has largely not interacted with the public on matters pertaining to Tether and its subsidiary Bitfinex.
Does the deletion indicate an imminent collapse of the company?
While Tether’s harshest critics believe the company is on the brink of collapse, it is unlikely that such an extreme outcome will be the result of Bloomberg’s exposure, especially given that Tether has experienced various controversies in the past.
It is possible that Van der Velde’s account was deleted in order to avoid a conflict on Twitter, or perhaps the matter is in the personal reasons of the director of the company. In fact, today’s deletion is reminiscent of the 2019 incident where Bitcoin SV’s Craig Wright disappeared from Twitter after a massive controversy.
However, given Van der Velde’s low profile, it seems unlikely that he would be personally targeted by anti-Tether groups. In addition, other Tether executives such as CTO Paolo Ardoino remain active on the social network.
Tether May Strike Back Bloomberg
The event also resembles incidents in which prominent crypto companies interacted with mainstream media.
Last year, Coinbase proactively responded to a New York Times article criticizing its racial policies. In another case, Binance sued Forbes for defamation in connection with a report on regulatory tactics.
In this case, it seems likely that Van der Velde (or someone managing his account) deleted past statements in order to prepare a blank slate for the fight against Bloomberg, as implied in his latest tweet.
Perhaps Tether plans to publicly respond to Bloomberg or challenge the media in court. The latter option is the most logical at the moment.
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Posted by Newt Salamander, Analyst at www.ta-asia.com.cn Crypto News
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