Bankrupted crypto lender Celsius has filed a lawsuit against a former investment manager, alleging he cost the platform tens of millions of dollars through a combination of incompetence and theft.
The complaint, which was filed in New York’s Manhattan bankruptcy court on August 23, alleges that Jason Stone, through his company KeyFi Inc, falsely presented himself as an experienced and highly skilled digital asset manager, but was in fact negligent and “extraordinarily inept” at devising and implementing profitable crypto investing strategies.
Celsius Alleges DeFi Manager Used NFTs, Tornado Cash to Siphon Funds
The filing states that Stone worked with Celsius for about seven months up to March 2021 and was given access to a Celsius-controlled wallet for the purposes of managing the lender’s DeFi investing strategy.
Celsius alleges that rather than managing its assets as requested, Stone instead invested heavily in NFTs – including CryptoPunks and Bullrun Babes – to the tune of 1070 ETH. Allegedly, Stone later sold some of the NFTs for 1071 ETH before funnelling the funds through crypto mixing service Tornado Cash to his own private wallet rather than back into the Celsius-controlled wallet.
Celsius claims Stone had no authorisation to purchase NFTs as part of his role and suggests he might have done so because he was aware it was difficult for Celsius to track NFT purchases through its internal systems, making the theft harder to notice.
In addition to what it claims was intentional theft, Celsius claims Stone also cost the lender over US$50 million through his ineptitude, saying he proved himself “incapable” of investing profitably in cryptocurrencies.
Stone, responding to these accusations through his lawyer, Kyle Roche, claims all of the investments he made on behalf of Celsius were authorised by the lender’s CEO, Alex Mashinsky.
Claims Follow Previous Suit From KeyFi Against Celsius
These complaints come six weeks after Stone’s company, KeyFi, filed suit against Celsius, claiming it was operating a Ponzi scheme and that it owed Stone hundreds of millions of dollars in unpaid compensation.
Stone claims Celsius ran out of money because it relied on attracting new customers by offering excessively high rates of return, and because it failed to adequately manage risk by hedging its investments. He also says he generated over US$800 million in profit in seven months for the lender, further claiming that he’s entitled to 20 percent of this profit – over US$200 million.
Financial documents filed by Celsius last week as part of its bankruptcy hearing show that the lender has a US$2 billion hole in its books and could be completely out of cash by the end of October.
NFT lending protocol BendDAO is facing the serious prospect of insolvency as the amount of Wrapped Ether (wETH) remaining in its smart contract dwindles to just a fraction of what is owed to lenders.
According to Twitter user and NFT market researcher NFTStatistics.eth, as of August 22 BendDAO only had 12.5 wETH while it still owned lenders an estimated 15,000 ETH – quite the shortfall:
Ok. Long thread on the BendDAO situation:
1) They've run out of ETH. There is just 12.5 WETH in the contract. 2) What does this mean? People who lent money to others via BendDAO to buy NFTs on leverage can't pull their money out. About 15,000 ETH was lent.
This precarious situation has arisen partly because of a crash in the value of many leading NFT collections, including Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC).
BendDAO’s Model Based on NFT Value
BendDAO is a DeFi platform that allows users to borrow ETH using ostensibly ‘blue chip’ NFTs, such as BAYC, as collateral. The ETH that NFT owners borrow comes from other users who have deposited their ETH to the platform as a way to earn interest on their holdings. It’s these lenders who are at risk of being left holding the bag.
On paper, BendDAO’s model seems risky and, as it turns out, it is. The lender launched last year while the NFT market was particularly exuberant but the market has since taken a nosedive, exposing just how vulnerable this model is to market volatility.
What’s Happening Now?
BendDAO is trying to boost its ETH reserves by adjusting the rate of interest charged to borrowers and paid to lenders.
Statistics from the BendDAO website show that ETH borrowers are now required to pay over 100 percent interest on their loans (this is partially offset by 15.88 percent rewards paid in BendDAO’s own BEND token).
Lenders are being offered a whopping annual rate of 66.9 percent on their ETH and a further 4.99 percent reward paid in BEND. Due to these high interest rates, borrowers’ levels of debt grow ever larger as the value of their collateral continues to fall.
What Next For BendDAO?
NFTStatistics.eth points out that most of the NFTs on BendDAO that have defaulted and gone to auction currently have no bids, citing two key factors:
BendDAO requires bids to be greater than the level of debt owed by the borrower and greater than 95 percent of the NFT’s OpenSea floor price; and
Bidders are required to lockup their ETH for 48 hours.
NFTStatistics.eth also notes that as borrowers accrue more debt and NFT floor prices continue to fall, we’ll see many more NFTs default:
7) There are a lot more NFTs about to default & come to auction, either due to debt rising w these sky-high interest rates or OpenSea floor falling. See link. https://t.co/381dbEwuVw
Further according to NFTStatistics.eth, since none of the NFTs is selling, they’re not affecting the broader NFT market – but eventually they will need to sell, perhaps at a large discount, so that BendDAO can start to acquire ETH with which to pay back its lenders. If the NFTs are sold heavily discounted, we could see the prices of many NFT collections fall much further.
Decentralised Autonomous Organisations (DAOs), such as BendDAO, have been seen by crypto enthusiasts as a way to decentralise power and flatten organisational hierarchies, however recent research by Chainalysis has found that across 10 major DAO projects, one percent of token holders control 90 percent of voting rights.
Canadian cryptocurrency platforms Newton and Bitbuy are imposing a CA$30,000 annual net buy limit on altcoins in some provinces, though the limit will not apply to unrestricted cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash:
We’re excited to finally announce our registration with the Ontario Securities Commission (OSC) and the securities regulatory authorities in all Canadian provinces, Yukon, and Northwest Territories. pic.twitter.com/8zx8UJy2DE
Toronto-based exchange Newton says the limit will apply to what are being called restricted cryptocurrencies, or altcoins. A net buy limit tallies up all crypto purchases minus sells (at average cost) over a rolling 12-month period, according to Bitbuy.
Nine Provinces Affected
Provinces where the buy limits will be imposed are New Brunswick, Newfoundland, Nova Scotia, Nunavut, Northwest Territories, Ontario, Prince Edward Island, Saskatchewan, and Yukon. Users can still resell restricted cryptocurrencies to reduce their balance towards the limit, which resets after one year.
The limits, put in place by the Ontario Securities Commission (OSC) and the Canadian Securities Administrators, are calculated based on the amount in Canadian dollars altcoins are worth at the time of trade and are thereby unaffected by increases or decreases in the value of one or more digital assets.
The decision has rightly caused some confusion of frustration among Canadian residents who took to Twitter to express their concern:
I am UNFORTUNATELY located in Toronto and we in Ontario are under restrictions to buy crypto NOW! $30,000 annual buy limit! 🥺 pic.twitter.com/gTRTbQcARE
On the other hand, Ethereum co-founder Vitalik Buterin is understandably happy about the decision to privilege major coins such as Ethereum:
Glad to see Ethereum people pushing against regulations that privilege ETH over other legitimate cryptocurrencies.
(I have not dug into the details of what specifically is going on and to what extent it's a gov thing vs a compliance decision of one business, but either way…) https://t.co/NDYPh5rqsk
Canada’s crypto scene has caused much confusion and frustration this year after Prime Minister Justin Trudeau took unprecedented steps in February by invoking the 1988 Emergencies Act, which enables the government to freeze bank accounts without going through the courts, in an attempt to deny funding to the Canadian “Freedom Convoy”, thus essentially banning cryptocurrencies.
The Freedom Convoy was established through a loose affiliation of truckers and citizens who launched protests over vaccine mandates for truckers crossing the US/Canada border. Many have slated the country’s decision as undemocratic and authoritarian.
Dutch authorities have announced their arrest last week of a Tornado Cash developer in Amsterdam for his alleged involvement in concealing criminal financial flows and facilitating money laundering through his work on the crypto mixing service.
Tornado Cash, which is built on the Ethereum blockchain, allows users to conceal the sending and receiving addresses of transactions, thus concealing their identity. It has reportedly been widely used by criminals to launder stolen assets, but has also been used for legitimate purposes such as concealing the identities of Ukrainian citizens receiving donated crypto.
Dutch Investigators Say More Arrests May Follow
The Tornado Cash developer’s arrest was announced by the Dutch Fiscal Information and Investigation Service (FIOD) on August 12, two days after it took place. The FIOD said it couldn’t rule out further arrests in connection with the case.
FIOD’s interest in Tornado Cash began in June of this year when its Financial Advanced Cyber Team (FACT) launched a criminal investigation of the service. FACT claims that Tornado Cash has been widely used by hackers to launder vast quantities of stolen crypto assets including “funds stolen through hacks by a group believed to be associated with North Korea”.
FACT found evidence of high-value criminal cash flows through the mixer since it was launched in 2019:
Investigations showed that at least one billion dollars’ worth of cryptocurrencies of criminal origin passed through the mixer. It is suspected that persons behind this organisation have made large-scale profits from these transactions.
Dutch Fiscal Information and Investigation Service (FIOD)
Crypto Community Reacts With Dismay
This arrest comes after the US Treasury’s sanctioning of Tornado Cash last week for what it described as the crypto mixer’s repeated failures to impose effective controls to curtail illegal use of the service. Tornado Cash had previously attempted to weed out criminal users of the service by blocking sanctioned addresses, but the US authorities considered these efforts inadequate.
The crypto community has generally reacted negatively to this arrest, suggesting it represents an infringement of the developer’s right to freedom of speech and an attack on crypto users’ privacy:
This is correct, and the "code == speech" claim that many of us have been making for decades is now very very literal. As in, you literally just make words and sentences and the computer does things.
Guys they just arrested a Tornado Cash dev for (open source) speech. https://t.co/xOGxwHiBGd
I repeat: a man was arrested for writing code that served as a public good for people to maintain their privacy online.
They put a man in jail because bad people used his open source code.
This cannot stand in any free society.
— RYAN SΞAN ADAMS – rsa.eth 🦇🔊 (@RyanSAdams) August 12, 2022
Other Twitter users have also pointed out the disparity between the treatment of the Tornado Cash developers and the creators of some high-profile crypto failures and rug pulls:
Crypto markets have responded favourably to a slower-than-expected US inflation print in July, with the official rate steady at 8.5 percent and both Bitcoin (2 percent) and Ethereum (9 percent) up within minutes of the report’s release:
Finally some good news! US CPI data shows inflation peaked. Crypto & Market rallied today. $Sol up 5%, $Eth up 9%, #NASDAQ up 3%. Good news for money coming back into risk on assets. We still are in a FED induced recession. Hope builders are ready for better times ahead. 👀🚀 pic.twitter.com/1MORZXDQ5s
With the worst of consumer price increases now behind the US economy, there was widespread relief on the part of crypto traders that the Federal Reserve might relax its aggressive approach to tightening monetary conditions.
CPI Unchanged, Below Projections
The consumer price index (CPI) was unchanged from the previous month, due in part to lower energy prices, according to a Bureau of Labor Statistics report. Food and energy prices aside, core CPI remained unchanged at 5.9 percent over the past 12 months, just under a projected 6.1 percent.
“The Fed will be cheered by the news, especially the fact that core inflation was also lower than expected,” said Richard Carter, head of fixed interest research at UK-based investment management firm Quilter Cheviot.
They will still need to hike rates at their next meeting in September, but this reduces the risk of another 75 basis-point move and, going forward, we might just see markets act a little calmer than they have to date.
Richard Carter, head of fixed interest research, Quilter Cheviot
Next Rate Hike Likely to be 50 Points, Not 75
More than 60 percent of traders are now betting the Fed will hike interest rates by 50 basis points in September, compared with half that number just one day ago, according to the CME FedWatch Tool. Traders saw a 75 basis-point hike as the likelier scenario after last week’s Bureau of Labor report showed the economy was still able to sustain more rate hikes.
All of which is a far cry from two months ago when crypto markets shed US$100 billion in the wake of the highest US CPI print in 40 years.
The Merge will see the platform move from an energy-intensive proof-of-work (PoW) consensus mechanism to a more sustainable proof-of-stake (PoS) mechanism that will improve the efficiency of the project and dramatically reduce its environmental impact.
In a statement released on August 9, Tether labelled the transition one of the “most significant moments in blockchain history”, saying:
Tether believes that in order to avoid any disruption to the community, especially when using our tokens in DeFi projects and platforms, it’s important that the transition to PoS is not weaponised to cause confusion and harm within the ecosystem.
Tether statement
Smooth Transition ‘Essential’ for Long-Term DeFi Health
The firm added: “Tether will closely follow the progress and preparations for this event and will support PoS Ethereum in line with the official schedule. We believe that a smooth transition is essential for the long-term health of the DeFi ecosystem and its platforms, including those using our tokens.”
The announcement from Tether came on the same day as its stablecoin competitor USDC, which announced it would only support Ethereum’s highly anticipated upgrade. The issuer of USDC, Circle, views the Merge as an important milestone in the scaling of Ethereum’s ecosystem, saying in its own statement:
USDC has become a core building block for Ethereum DeFi innovation. It has facilitated the adoption of L2 solutions and helped broaden the set of use cases that today rely on Ethereum’s vast suite of capabilities. We understand the responsibility we have for the Ethereum ecosystem and businesses, developers, and end users that depend on USDC, and we intend to do the right thing.
Circle statement
As Support for Ethereum PoW Fork Increases, Buterin Not Too Bothered
The transition to a PoS blockchain means Ethereum will be effectively eliminating its mining for good, opting instead to rely on a trusted network of validators. While the majority of the community is excited about the upcoming event – none more so than Ethereum co-founder Vitalik Buterin – miners who stand to lose their income are suggesting another potential hard fork will continue the PoW mechanism. Buterin scoffs that proponents of a PoW “want to make a quick buck” and that it is “unlikely to succeed”.
Binance, the world’s largest cryptocurrency exchange by volume, has said it would not rule out support for the controversial fork, saying that while it shares the excitement for the Merge, it would also possibly support the “merge resistors” who plan to continue the use of the PoW mechanism.
New data from DefiLlama reveals that Optimism’s total value locked (TVL) has surged by almost 300 percent in the past month.
The Ethereum scaling solution surpassed US$1 billion in TVL ahead of the blockchain’s transition from a proof-of-work to a proof-of-stake network:
DefiLlama data for Optimism’s TVL.
ETH Merge Optimal for Optimism
Optimism (OP) rose by more than 89 percent in the past week alone, reaching a high of US$2.22 on August 4 and noticeably outperforming most of the market.
The latest price action is likely based on developments surrounding the upcoming Ethereum layer-2 scaling protocol. The protocol will utilise rollups to speed up Ethereum’s transactions, thereby reducing its costs. This week’s value spike has followed an OP Labs announcement that flagged plans for a Bedrock upgrade set to arrive as early as Q4 2022:
Optimism Bedrock is coming soon™️, and when it does it will change the rollup game forever.
It will lay the protocol's foundation for years to come and serve as THE model for rollup architecture.
Experts believe the Merge upgrade could potentially scale the network to 100,000 transactions per second, with layer-2 solutions further enhancing such capacity. This would represent a massive upgrade from its current 30 transactions per second.
Other developments users can expect to see soon include a 20 percent cut in the cost of data submission to layer 1, support for several alternative proof systems, and an optimised code that will allow nodes to synch 50 times faster.
Two Sides to the Optimism Coin
Optimism has been busy this year on fronts good and bad. In April the company announced its new governance structure and began preparing for the release of its new token, $OP, to help power the changes. The new structure would see governance divided between two houses – the Citizens house and the Token house, to be established via the airdropping of new tokens to users.
However, June brought damages to Optimism in the form of an exploit. The roll-up solution lost US$15 million worth of its new OP tokens after Wintermute, its launch partner, transferred the tokens to the wrong wallet address. Luckily, a white hat attacker returned 17 million tokens (worth approximately US$11 million).
Ethereum co-founder Vitalik Buterin says he’s not worried about the potential of another hard fork following the Merge that’s set to take next month, claiming that proponents of a proof-of-work consensus mechanism “want to make a quick buck” and that it is “unlikely to succeed”.
The Merge upgrade will see the ecosystem move from a proof-of-work (PoW) consensus mechanism to a more sustainable proof-of-stake (PoS) mechanism that will improve the efficiency of the project and dramatically reduce its environmental impact.
Ethereum recently deployed its 10th shadow fork in preparation for the Merge. While the impending event has brought much excitement to the community – with Buterin more excited than most – it has also garnered a lot of criticism and speculation.
Least happy about the Merge are Ethereum miners who stand to lose income. To offset this potential loss, some are pushing against it and propose a potential continuous “ETH PoW” chain post-upgrade.
Miners Push for PoW to Sustain Their Investment
While interest in ETH PoW has been driven by Ethereum miners such as Chandler Guo, PoS will allow Ethereum to rely on a trusted network of validators, effectively eliminating its mining for good. In response, miners may try to continue the PoW chain to sustain their investment.
Tron founder Justin Sun has emerged as one of the prominent investors who support a hard fork to keep the money flowing. He has said there is nothing wrong with preserving ETH’s PoW system, despite the benefits a PoS consensus mechanism can provide:
As the founder of a proof-of-stake blockchain, I believe that proof-of-work has its own unique value. In fact, we may have underestimated the value of Ethereum as the only proof-of-work smart contract blockchain.
Justin Sun, Tron founder
Buterin has argued that those pushing for a fork are “just a couple of outsiders that basically have exchanges, and most just want to make a quick buck”. He added:
So I’m not expecting it to have substantial long-term adoption, just because I think Ethereum Classic already has a superior community and superior product for people pro-proof-of-work.
Vitalik Buterin, Ethereum co-founder
That does not mean we won’t see a few of them try as the project shifts. “If a proof-of-work fork becomes large, then there’s definitely a lot of applications that will have to choose one way or the other,” Buterin said, adding that if ETH PoW gained substantial traction, he expected a lot of market confusion and problems.
Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.
1. Ethereum (ETH)
Ethereum ETH is a decentralised open-source blockchain system that features its own cryptocurrency, Ether. ETH works as a platform for numerous other cryptocurrencies, as well as for the execution of decentralised smart contracts. Ethereum’s own purported goal is to become a global platform for decentralised applications, allowing users from all over the world to write and run software that is resistant to censorship, downtime and fraud.
ETH Price Analysis
At the time of writing, ETH is ranked the 2nd cryptocurrency globally and the current price is US$1,775.14. Let’s take a look at the chart below for price analysis:
ETH is retracing its April to June decline. So far, it’s retraced approximately 25% of the drop in anticipation of September’s Merge.
A broad area of inefficient trading on the monthly chart, from $1,972.58 to $2,709.26, is likely to provide resistance. The upper half of this zone, beginning near $2,145.29, may provide stronger resistance. Here, inefficient trading on the weekly chart, old swing lows and the 50% retracement of H2 2022’s drop converge.
Closer to the current price, $1,784.79 to $1,859.84 may provide the next speedbump for bulls. This level is near the low of previous inefficient trading on the weekly chart in March 2021. It’s also just above more recent inefficient trading on the weekly and a recent daily swing high.
A pocket of inefficient trading on the daily chart, from $1,685.26 to $1,662.79, may provide the closest support. Here, the 9 EMA and the midpoint of late July and early August’s bearish move converge. If the price continues to rally, the level may move higher midweek.
If this possible support fails, the next support might be near the 40 EMA, from $1,570.48 to $1,493.11. Old swing lows, previous inefficient trading on the weekly chart, and inefficient trading on the daily chart add confluence to this level.
A steeper drop may be aiming for stops under the daily swing low near $1,356.17. From $1,336.07 to $1,197.79, bulls may find support inside accumulation preceding inefficient trading on the weekly chart.
If the price drops below this level, it may be aiming for stops under June’s low. If so, bears may be targeting an area from $881.56 to $758.74. This zone marks the low end of inefficient trading on the monthly and weekly charts.
2. Monero (XMR)
Monero XMR allows transactions to take place privately and with anonymity. Even though it’s commonly thought that BTC can conceal a person’s identity, it’s often easy to trace payments back to their original source because blockchains are transparent. On the other hand, XMR is designed to obscure senders and recipients alike through the use of advanced cryptography. The team behind Monero says privacy and security are its biggest priorities, with ease of use and efficiency coming second. It aims to provide protection to all users, irrespective of how technologically competent they are.
XMR Price Analysis
At the time of writing, XMR is ranked the 29th cryptocurrency globally and the current price is US$166.39. Let’s take a look at the chart below for price analysis:
XMR is rallying to fill in pockets of inefficient trading left during its June decline. The closest resistance is at $167.80. This area of inefficient trading on the weekly and daily charts is near the 61.8% retracement of June’s move. It rejected the price on August 7, but the price is rechallenging it.
If it breaks, the next pocket of inefficient trading from $178.60 to $182.10 may be the next target. This zone is also near the high of inefficient trading on the weekly and the 78.6% retracement of June’s move.
In the longer term, bulls could be targeting bears’ stops above the significant weekly swing high near $204.50. This zone also shows inefficient trading on the monthly chart. If this resistance breaks, the next bullish target may be another area of inefficient trading on the weekly chart from $233.50 to $229.80.
The closest support could be near the current price, from $166.40 to $162.03. This area is at the end of July’s accumulation high.
If this level breaks, a drop under the August monthly open may find more buyers near $152.30. This area shows accumulation, would run bulls’ stops under recent swing lows, and fill in a tiny pocket of inefficient trading. It also has confluence with the high of previous inefficient trading on the weekly chart.
A steeper drop may reach inefficient trading on the weekly chart, from $135.70 to $133.80. This zone is also near the bottom of previous inefficient trading from June and lines up with old swing lows from Q1 2022.
3. World Mobile Token (WMT)
The World Mobile Token WMT is a digital token issued with the purpose of allowing participants to provide a service on the network and be rewarded accordingly for it. The primary role of WMT is to incentivise token holders who want to support the operation of the network by way of delegating their WMT stake to a node operator (stakers), as well as node operators who operate their own node. WMT is the utility token at the heart of World Mobile Chain, a solution developed in partnership between Input Output Global and World Mobile to democratise access to digital, financial and social services in Africa, the first of its kind to go the extra mile and connect the unconnected.
WMT Price Analysis
At the time of writing, WMT is ranked the 385th cryptocurrency globally and the current price is US$0.2242. Let’s take a look at the chart below for price analysis:
WMT has been consolidating since its 81% drop from March until mid-May. Currently, it is challenging resistance near a zone of inefficient trading on the daily chart from $0.2448 to $0.2389. This zone is near the July monthly open.
The price may be reaching for swing highs near $0.2724. Above these highs, several pockets of inefficient trading on the daily chart could continue drawing the price upward between roughly $0.2724 and $0.3186. Bulls may remain cautious about entering longer trades until they reclaim the high of this zone.
On a reclaim of this zone, bulls may aim for the swing high near $0.3548. This level, up to $0.3956, shows inefficient trading on the monthly and weekly charts that the price may want to fill.
The 9, 18 and 40 EMAs converge near $0.2238. This area may also show inefficient trading on the daily chart after Monday’s close and could provide the closest support for a rally.
Slightly lower, an area from $0.2106 to $0.2060 may also provide support. It’s near the current swing’s initial accumulation on the daily chart and the high of accumulation on the weekly chart.
If this level breaks, it could signal a more significant drop. No historical price action exists under July 13’s low, which may be the first target. Beyond this low, recent price swings’ 50% extensions align near $0.1250 and may provide the next downside targets.
These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.
The Ethereum Merge – the term used to describe Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoS) – is getting closer to realisation, possibly by mid-September.
However, according to one prominent figure in the Ethereum community, Chandler Guo, a new PoW version of ETH is “coming soon”.
Last week, Chinese crypto miner Guo tweeted about the advent of a PoW ETH, despite the already existing ETC (Ethereum Classic), which Guo was part of. He proclaimed: “I fork[ed] Ethereum once, I will fork it again!”
The plan is gaining traction on Crypto Twitter, though many in the Ethereum community remain confused and had mixed reactions. Some of them stated there was no need for a new PoW:
It might be profitable to sell arms to both sides of the war.
You could also sell tickets and popcorn to us spectators.
It seems several high-profile players in the industry are supporting the idea of an ETH fork, including the Justin Sun-backed crypto exchange Poloniex, and Huobi.
Sun tweeted about his intention to donate over 1 million ETH if Guo carried out his plan, saying: “We are willing to continue to support the development of the community.”
Many users inquired about Tether’s (USDT) involvement regarding an ETH fork, with Tether CTO Paolo Ardoino clearly outlining Tether’s support for the Merge:
It’s not about what I/we prefer between PoW/PoS. Stablecoins should act responsibly and avoid disruption for users. Especially for DeFi, it’s really delicate.
