Cryptocurrencies
Ethereum Co-Founder Says Tether, Bitfinex Mess Won't Get Better
- Other stablecoins could benefit as a result, says Joe Lubin
- Tether, Bitfinex accused of obscuring $850 million in losses
Joseph Lubin speaks during the SALT conference on May 8.
Photographer: Joe Buglewicz/BloombergThis article is for subscribers only.
The turmoil surrounding Tether and Bitfinex, both of which are ensnared by allegations of wrongdoing, isn’t likely to subside, said Joseph Lubin, a co-founder of Ethereum and founder of crypto-related software company ConsenSys.
“It seems like a really big mess that probably won’t get better,” said Lubin during an interview at the sidelines of the Fluidity Summit conference in Brooklyn, New York. “Tether is somewhat important to our ecosystem because it’s used by different institutions to effect more fluid trading. There are other price-stable tokens out there -- many others -- and I think they’re going to gain traction because of this. I think that will be a really good thing.”