GM Explorer,

Justin Bons raises red flags about Tether, calling it a massive scam with questionable reserves and no real audits.

Here’s what we got for you today:

• 🤔 Is Tether the next big crypto scandal?

• 💰What a $1.4 Trillion stimulus could mean for Bitcoin!

• 🧱 Around The Block: Crypto millionaire loses $43 Million in trading bet, rakes up $132 Million in debt.

🤔 Is Tether the Next Big Crypto Scandal?

Justin Bons, the founder of Cyber Capital, just made some explosive claims about Tether!

In a fiery thread on X, he alleges that Tether, the company behind the USDT stablecoin, is a "118 billion dollar scam"— potentially bigger than the FTX collapse or Bernie Madoff’s Ponzi scheme.

Bons asserts that Tether has never conducted a proper audit of its reserves, despite promises dating back to 2015.

According to him, the first firm to attempt an audit of Tether was fired in 2018 for being too thorough!

And that Tether’s 2021 auditor’s report, in partnership with BDO, was “not a formal audit at all.”

In fact, the stablecoin issuer has yet to submit its alleged reserves to a real, unrestricted third-party audit.

But that’s not all!

He further claims that Tether has been caught falsifying documents, obscuring identities & lying about reserves.

Tether’s settlement with the CFTC in 2021, for example, clearly showed that the company’s balance was made up of “commercial paper of unknown origin, quality, and liquidity.”

And he firmly warned that we should “Stop using USDT now.”

On the other side of the ring, Tether claims to be completely transparent on its website. 

It states that all its tokens are pegged at 1-to-1 with a matching fiat currency and are backed 100% by its reserves.

Not only that, Tether, along with Circle and other stablecoin issuers, recently blacklisted wallets tied to North Korea's Lazarus Group to show their commitment to security.

So, whose side are you on? Could Tether really be the Next FTX?

Catch up on the juicy deets here!

💰What a $1.4 Trillion Stimulus Could Mean for Bitcoin!

China seems to be gearing up to make some big moves that could shake up Bitcoin—at least, that's what the crypto community has been abuzz about lately.

Some economists believe that China is on the brink of releasing a whopping $1.4 trillion stimulus package to breathe new life into its struggling economy.

But here's the thing: This move, according to some, could have significant implications for Bitcoin and the entire crypto market.

If China actually pulls the trigger on this, it could not only give its economy a boost but also trigger a global surge in Bitcoin and crypto prices.

So, how does this tie into Bitcoin, you ask? Well, it's intriguing.

A stimulus of this magnitude could potentially devalue China's currency, prompting investors to seek refuge in safe-haven assets like Bitcoin.

Moreover, the influx of fresh capital like this could enhance global liquidity, making it easier for people to invest in digital assets.

But that's not all — Bitcoin could also emerge as a major player on the geopolitical stage!

Picture this: if China relaxes its crypto restrictions, it would definitely pave the way for broader adoption in Asia and even prompt other countries to reconsider their crypto policies.

As for investors? Well, it's a high-stakes scenario.

Bitcoin could either skyrocket to unprecedented heights or face intense volatility.

Honestly, the outcome is as uncertain as crypto itself, but we're all eagerly watching to see how this unfolds.

To navigate through this uncertainty, it's crucial to stay well-informed, diversify your investment portfolio, and closely monitor developments in China.

You can find out more about this right here!

🧱 Around The Block

• Crypto millionaire loses $43 Million in trading bet, rakes up $132 Million in debt.

• $135.4M in dormant Bitcoin revived by mid-Sept., 2016 wallets dominate activity.

• Global banking network SWIFT paves way for tokenized asset integration.

• UK Parliament introduces a bill to recognize Bitcoin, and crypto as personal property.

• On-chain sleuth ZachXBT says USDC issuer Circle is greedy and useless.

• BBAChain unveils a groundbreaking Layer 1 technology for Blockchain-based elections.

• Circle CEO claims US is on the path to becoming the “decisive leader” in crypto.

That's all we've got for you today.

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Catch you soon.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions.