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Wall Street veteran says these Tether risks are behind crypto market selloff Wall Street veteran says these Tether risks are behind crypto market selloff

Wall Street veteran says these Tether risks are behind crypto market selloff

with insights from Caitlin Long

Avanti Bankโ€™s Caitlin Long said last weekโ€™s sell-off was linked to Tetherโ€™s release on its financial reserves.

Wall Street veteran says these Tether risks are behind crypto market selloff

Cover art/illustration via CryptoSlate

Caitlin Long, the founder of crypto bank Avanti Bank and a leading blockchain advocate, took to Twitter yesterday to explain the market sell-off, linking it to stablecoin issuer Tether.

Long reasoned that Tether, which revealed the assets that back its dollar-pegged currency for the first time last week, could have contributed to the brutal market drop, one that liquidated over $2.38 billion over the past day alone.

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