Tether chief technology officer Paolo Ardoino has confirmed that the stablecoin Tether (USDT) has been the subject of a “coordinated attack” by hedge funds looking to short-sell the United States dollar-pegged crypto asset.
Speaking to his 151,600 Twitter (NYSE:TWTR) followers on Monday, the Tether executive was responding to reports that hedge funds have been borrowing millions in loans to short USDT since the collapse of Terra in May.