Regulatory · October 15, 2021
CFTC fines Tether $41M for misrepresenting USDT reserves
Price at event
$61,685
Today
$73,594
Since then
×1.2
On October 15, 2021, the CFTC ordered Tether to pay $41 million for claiming USDT was fully backed by fiat when it found Tether actually held sufficient fiat reserves on just 27.6% of days across a 26-month 2016-2018 sample. Bitfinex was hit with a separate $1.5 million fine in the same action. The settlement gave the long-running "is Tether actually backed?" debate its first hard regulatory data point.
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