Tether

Tether is a controversial[1] cryptocurrency with tokens issued by Tether Limited, which in turn is controlled by the owners of Bitfinex.[2][3] Tether Limited formerly falsely[2] claimed that each token was backed by one United States dollar, but on 14 March 2019 changed the backing to include loans to affiliate companies.[4] The Bitfinex exchange was the subject of a lawsuit by the New York Attorney General for using Tether's funds to cover up $850 million in funds missing since mid-2018.[5][6] The investigation found that iFinex — the operator of Bitfinex and Tether — made false statements about the backing of the Tether and about the movement of hundreds of millions of dollars between the two companies to cover up the truth about massive losses by Bitfinex. According to the New York Attorney General, "Tether’s claims that its virtual currency was fully backed by U.S. dollars at all times was a lie".[7] Tether is called a stablecoin because it was originally designed to always be worth $1.00, maintaining $1.00 in reserves for each tether issued.[8] Nevertheless, Tether Limited states that owners of tethers have no contractual right, other legal claims, or guarantee that tethers will be redeemed or exchanged for dollars. https://en.wikipedia.org/wiki/Tether_(cryptocurrency)