Ex-SEC Official Calls Tether USDT A Ponzi House of Cards Scheme By CoinEdition

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Ex-SEC Official Calls Tether USDT A Ponzi House of Cards Scheme

Published Dec 04, 2022 04:39AM ET Updated Dec 04, 2022 05:00AM ET

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Ex-SEC Official Calls Tether USDT A Ponzi House of Cards Scheme

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John Stark believes USDT issuer is a Ponzi scheme.
WSJ’s reporter claimed Tether doesn’t publish audited financial statements.
Tether’s financial statement shows a $2 billion increase in USDT loan issuance.

John Reed Stark, a former chief internet enforcement officer in the US Securities and Exchange Commission (SEC), has described Tether, the issuer of the largest stablecoin USDT, as a Ponzi scheme.

Stark called Tether a Ponzi scheme while reacting to an interview by CNBC with the company’s co-founder Reeve Collins, asking about its reserve. The ex-SEC official believes Tether’s ‘lack of responsiveness’ make him the Web3 firm ‘is a house of cards.’

Wow, tell us Tether is running a Ponzi scheme without telling us that Tether is running a Ponzi scheme. Just listen to his answers. IMHO, as a former SEC enforcement official of 18 yrs, the evasion/deflection/lack of responsiveness makes me believe Tether is a house of cards. https://t.co/smBHui1Djv
— John Reed Stark (@JohnReedStark)

The post Ex-SEC Official Calls Tether USDT A Ponzi House of Cards Scheme appeared first on Coin Edition.

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Ex-SEC Official Calls Tether USDT A Ponzi House of Cards Scheme

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