Hedge funds are betting against a cryptocurrency whose price shouldn’t move. Tether says the short sellers are part of a 'clever scheme to raise capital from those less knowledgeable.'
Tether says it has conservative investments, while hedge funds question how much risk lies in the $82 billion investment portfolio that backs the currencyShort sellers are betting against a cryptocurrency whose price shouldn’t move.
A few investment firms, including Fir Tree Partners and Viceroy Research LLC, have placed substantial bets in recent months that the price of tether will fall, according to people familiar with the matter. Tether is the most popular currency for trading bitcoin and is supposed to have a fixed value pegged to the U.S. dollar.
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