Tether counted 84 “revealing” articles about itself published in The Wall Street Journal (WSJ) during the year. The issuer of USDT, the largest stablecoin by capitalization, published an article complaining that it “continues to be the object of outdated, inaccurate and misleading coverage and accusations” from a major publication, RBC Crypto writes.
The company calculated that the year before last — from January 1, 2021 to January 1, 2022 — the WSJ published 84 articles about Tether or mentions of it. The vast majority of them were negative. During the same period, the WSJ published 28 articles about or mentioning FTX, almost all of them positive.
The authors noted that large companies from the cryptocurrency industry, such as FTX, Celsius and Genesis, which were “supported in the materials of the publication”, later found themselves at the center of financial scandals or went bankrupt.
In early February, the WSJ published an article about Tether, which claims that the founders and owners of the USDT issuer are an “unusual company” with “limited experience” in the financial field.
This article stated that Tether discloses little information about its business and management, and “weak governance” resulted in fines totaling $61 million in 2021 to settle investigations by US regulators. At the same time, the publication drew attention to the fact that secrecy, lack of experience and weak regulation have become a risk for investors in other crypto companies.
One of the latest WSJ materials about Tether was an article dated March 3, which claims that the company allegedly provided fake documents to banking partners at various times. Tether issued an official denial, urging people not to respond to “rumors and misinformation”.
Just like Tether, the Binance exchange is exposed to “revealing” investigations by the leading media. At the end of February, Forbes stated that Binance used customer funds in the same way as the FTX exchange before the bankruptcy. Later, the head of Binance said that the journalists “deliberately distort the facts,” and the exchange published a detailed explanation about the processes of moving funds between their wallets.