Tether, a popular cryptocurrency for trading bitcoin which is supposedly pegged to the value of the dollar, has attracted the attention of short-sellers including Fir Tree Partners and Viceroy Research, according to a report by The Wall Street Journal.
Both hedge funds are said to have placed bets that the price of tether, the largest stable coin with about USD82 billion in circulation, will fall.
The report credits Matt Ballensweig, co-head of trading and lending at Genesis Global Trading, a crypto brokerage for professional investors, as the source of the information. Ballensweig is also reported as saying that up to a dozen other funds have also considered betting against tether but have yet to act.
