Paolo Ardoino alleged some hedge funds are trying to create pressure “in the billions” to “harm Tether liquidity” so that they can eventually buy back tokens at a much lower price.
Tether chief technology officer Paolo Ardoino has confirmed that the stablecoin has been the subject of a “coordinated attack” by hedge funds looking to short sell the dollar-pegged crypto asset. Speaking to his 151,600 Twitter followers on Monday, June 27, the Tether executive was responding to reports that hedge funds have been borrowing millions in loans to short USDT since the collapse of Terra (LUNA) in May.He alleged that hedge funds have been trying to create pressure “in the billions” to “harm Tether liquidity” with the aim of eventually buying back tokens at a much lower price.The CTO levied accusations that some hedge funds have believed and help spread “FUD” (fear, uncertainty, and doubt) about the stablecoin.
