Tether loses its peg: ‘How low will it go?’

Mark Slapinski

Daniel Moncada, known for his role as Leonel Salamanca in Better Call Saul and Breaking Bad, called out the stablecoin Tether after it lost its peg, dropping to a low of $0.9508 Thursday morning.

In a tweet posted early Thursday, Moncada wrote that USDT (Tether) is the next to coin “de-peg,” before reminding his followers to be safe. The actor and crypto enthusiast then asked “how low will it go?”

Fears of a Tether crash are prevalent on Twitter, and the hashtag #Tether continues to trend on and off. This comes as the stablecoin Terra collapsed on Monday, sparking uncertainty about the crypto market as a whole.

Tether previously ran into trouble with the New York Attorney General (NYAG), being banned from operating in New York state. An investigation found that Tether wasn’t fully backed at all times.

“Bitfinex and Tether recklessly and unlawfully covered-up massive financial losses to keep their scheme going and protect their bottom lines.”

Attorney General James

Many have theorized that a collapse of Tether would be devastating, and bring down the whole crypto market.

Moncada is one of many celebrities that moonlights as a crypto enthusiast and commentator. It is important to note, his tweets do not constitute financial advice.

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