Self-Proclaimed Satoshi Craig Wright Attacks Tether Stablecoin, Says It Is ‘Dead Coin Walking’

IT sci­en­tist from Aus­tralia Craig S. Wright, wide­ly known to the cryp­to com­mu­ni­ty as the self-pro­claimed Satoshi Nakamo­to or Fake­toshi, has tak­en to Twit­ter to attack the USDT sta­ble­coin issued by Tether.

CSW slams Tether after Mr. Whale’s tweet

CSW respond­ed to a tweet by a promi­nent cryp­to expert who goes by the alias Mr. Whale on Twitter.

The lat­ter remind­ed the com­mu­ni­ty about the state­ment made by the U.S. secu­ri­ties reg­u­la­tor SEC recent­ly, where they said that “proof of reserves” means noth­ing and proves noth­ing about cryp­to reserves of dig­i­tal exchanges.

There­fore, he believes, the SEC plans to ini­ti­ate a rein­force­ment action against the issuer of the biggest sta­ble­coin by mar­ket cap­i­tal­iza­tion in the mar­ket. The reg­u­la­to­ry agency, accord­ing to the expert, just hint­ed at such a move but they avoid say­ing this out­right, fear­ing that this would break down the whole cryp­tocur­ren­cy indus­try. Mr. Whale con­clud­ed his tweet, assum­ing that “Teth­er will 100% go bust.”

Craig Wright com­ment­ed on that, say­ing that “they are bust” already and likened USDT to “a dead coin walking.”

No.
Teth­er are bust.

Already… dead coin walk­ing https://t.co/BcM9ONE2zY pic.twitter.com/GNs5WbVIve

— Dr Craig S Wright (@Dr_CSWright) March 24, 2023

Tether’s USDT outpaces USDC and BUSD

Still, USDT remains the most pop­u­lar USD-pegged sta­ble­coin in the mar­ket — it is still on the top three list of cryp­tos by Coin­Mar­ket­Cap and its mar­ket cap­i­tal­iza­tion cur­rent­ly sits at $79,091,618,240.

The oth­er two pop­u­lar sta­ble­coins, which were close to it, BUSD and USDC, have been left behind. Binance and its part­ner Pax­os have stopped mint­ing BUSD. Besides, recent­ly CZ of Binance announced that around 2 bil­lion BUSD will be burned.

USDC faced a risk of depeg­ging from the USD when the bank­ing cri­sis in the U.S. start­ed and the first three large banks — Sil­ver­gate, Sil­i­con Val­ley Bank and Sig­na­ture Bank — were announced insol­vent. How­ev­er, the U.S. gov­ern­ment promised its clients to help them keep access to their deposits.

This cri­sis in the bank­ing sphere con­tin­ues. It has near­ly killed USDC but also pro­pelled the price of Bit­coin to the $28,000 peak and pushed Ethereum back to $1,800 briefly.