A bold new campaign is casting a spotlight on Tether, the world's largest stablecoin issuer, accusing it of corruption, criminal activities, and a decade-long refusal to undergo independent audits. The campaign, led by conservative nonprofit organization Consumers' Research, features a digital billboard in Times Square, mobile billboards, a TV ad, and a dedicated website, (link unavailable)

According to Consumers' Research Executive Director Will Hild, Tether's lack of transparency is reminiscent of the FTX scandal, and its alleged involvement in criminal activities, including drug trafficking, human trafficking, evading sanctions, and funding terrorist organizations like Hamas, raises significant concerns. The campaign asserts that Tether has become the preferred stablecoin for criminals due to its stable value, pegged one-to-one with the U.S. dollar.

Hild notes that Tether has been reportedly used by Russia to evade monetary sanctions and by countries like Venezuela, and is allegedly a tool for human traffickers. The primary issue highlighted by Consumers' Research is Tether's refusal to conduct an independent audit to verify its claim of being fully backed by U.S. dollars, which has raised concerns and comparisons to a Ponzi scheme.

Despite Tether's introduction of a new asset class, Alloy by Tether, secured by Tether Gold, the firm's persistence in debunking similar accusations in the past has not alleviated concerns. The campaign demands transparency and accountability, urging Tether to undergo independent audits to prove its stability and legitimacy.

This development comes at a critical time for the cryptocurrency market, with market analysts identifying key support levels and predicting potential price movements. As the crypto landscape continues to evolve, it is essential to prioritize transparency and accountability, ensuring the stability and security of digital assets.