Hindenburg Research Offers $1M Reward to Uncover Tether’s Backing

Hindenburg Research Offers M Reward to Uncover Tether’s Backing
Short-selling research firm Hindenburg Research is offering a bounty of up to $1 million for previously undisclosed details about the reserves backing Tether’s stablecoin USDT.The firm said it “has doubts” about Tether’s backing and is launching the Hindenburg Tether Bounty Program to encourage a search for new information about it.Hindenburg specifically highlighted in an announcement Wednesday Tether’s claims that a significant portion of its reserves are held in commercial paper without disclosing anything about its counterparties.The program will enable users to submit information on Tether’s backing and earn rewards “in an amount up to $1 million,” Hindenburg said.Regulatory scrutiny around…