Tether, the fifth-largest virtual currency, aimed to be a more reliable alternative to Bitcoin
in July 2014, Tether aimed to become a more reliable alternative to Bitcoin, the best-known cryptocurrency. With a $4.1bn market capitalisation, it is now the fifth-largest virtual currency. But its efforts to gain investors’ trust have fallen short. On October 6th a group filed a class-action lawsuit in New York, accusing Tether of being “part-fraud, part-pump-and-dump, and part-money laundering”. They call for truly startling damages: more than $1.4trn.
And yet its influence on crypto-markets is large. TokenAnalyst, a data-provider, says that Bitcoin prices track issuances of Tethers. On days when new Tethers are minted, the price of Bitcoin, which can be bought with them, rises 70% of the time.
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