Too Long; Didn't Read
The Tether Foundation launched their cryptocurrency Tether (USDT) in 2014. Unlike other cryptocurrencies such as Bitcoin and Ripple, Tether’s value wasn’t to be derived from its function; the price of Tether was to be pegged, in perfect parity, with the US dollar. However, the emergence of the Paradise Papers in November 2017 cast doubt over the legitimacy and probity of the Tether foundation. In April 2019, during a court case initiated against Tether, it emerged that each unit of USDT was actually backed by $0.74 of US dollar equivalents - a breach of the 1:1 ratio.