Binance was accused of fraud against the background of the Tether deposit
Date: 2023-07-11 Author: Karina Ziganova Categories: BLOCKCHAIN, IN WORLD
Peter Brandt, a popular analyst in the crypto community, who correctly predicted the crypto winter of 2018 and many other movements in the digital asset market, called the largest crypto exchange, Binance, a scam. He shared his opinion about the trading platform with the readers of the microblog
Peter Brandt criticized Binance in the context of the temporary loss of the stablecoin Tether (USDT) peg to the rate of its underlying asset - the US dollar - at the auction of the American division of the crypto exchange (Binance.US).
"The bubble is collapsing. It's amazing how crypto nerds – the same ones who devalue the US dollar in their conversations – hold their assets in USDT [ed. digital analogue of the US dollar] on the scam of the decade created by Changpeng Zhao [editor's note founder of crypto exchange Binance]," Peter Brandt wrote, alluding to stablecoin's problems and the fraudulent nature of the largest crypto exchange, Binance.
He attached a screenshot from the application of the American division of Binance to his post. The chart shows that the USDT stablecoin was declining to $0.880 on the trading platform at the moment. On other sites, the Tether rate remained at the same levels - near the base rate of $1.
Many of the analyst's subscribers did not agree with the "diagnosis" that he "prescribed" to stablecoin and Binance. One of the netizens noted that Peter Brandt is trying to oppose cryptocurrency with much more risky fiat. He explained his point of view by the fact that Tether, unlike the dollar, has reserves that provide the value of stablecoins.
Also, the analyst's subscribers noted that an attempt to "bury" the stablecoin due to a small deposit on one platform looks "far-fetched". Users suggested that in this way Peter Brandt wanted to express his distrust of the crypto industry.
