Local area man uses Tether $USDT, an offshore unregulated crypto token known to be run by proven liars and fraudsters.
Local area man is shocked they froze his money and offer him no recourse.
Local area man is sad.
Don't be like local area man.
Don't give your money to crooks.

I just lost $1.5m for good
Tether decided to freeze my wallet for no fucking reason.
@tether @paoloardoino is worst than the banks
USDT isn’t decentralized

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Author | Jeff Park (Chief Information Officer, Bitwise)
Compiled by Odaily Odaily(@OdailyChina)
Translator | Dingdang (@XiaMiPP)
Editor's Note: On February 5th, the cryptocurrency market experienced another sharp drop, with over $2.6 billion liquidated in 24 hours. Bitcoin briefly plummeted to $60,000, but the market seems to lack a clear consensus on the causes of this decline. Jeff Park, CIO of Bitwise, offers a new analytical framework from the perspective of options and hedging mechanisms. [...]

The Black Swan Event Was Actually This: The Real Reason for the Recent Bitcoin Crash

Author | Jeff Park (Chief Information Officer, Bitwise)
Compiled by Odaily Odaily(@OdailyChina)
Translator | Dingdang (@XiaMiPP)
Editor's Note: On February 5th, the cryptocurrency market experienced another crash, with over $2.6 billion liquidated in 24 hours. Bitcoin briefly plummeted to $60,000, but the market seems to lack a clear consensus on the causes of this decline. Bitwise CIO Jeff Park offers a new analytical framework from the perspective of options and hedging mechanisms.
...

The release of this new regulation marks a historic leap in the attitude of Chinese regulators towards virtual assets, shifting from a "complete ban" to a "combination of restriction and guidance."

Article Author & Source: Guofeng Law Firm On February 6, 2026, the "Notice on Further Preventing and Handling Risks Related to Virtual Currencies" (Yinfa [2026] No. 42, hereinafter referred to as "Document No. 42"), jointly issued by eight ministries led by the People's Bank of China, and the "Regulatory Guidelines on the Issuance of Asset-Backed Securities Tokens Overseas by Domestic Assets" (hereinafter referred to as the "Guidelines") simultaneously issued by the China Securities Regulatory Commission, have triggered significant reactions in the legal and financial circles...

Breaking News! The Year of China's RWA: A Compliant Channel Opens for Trillions of Yuan in Domestic Assets to Go Global

We've been warning about Tether $USDT proximity to crime like Sam Bankman-Fried's FTX fraud $FTT, the Celsius Network ponzi $CEL, etc. for literally years on end.
As Porter Collins @Seawolfcap once said, choose your friends and counterparties wisely!

Counterparty risk is one the most underappreciated forms of risk.
It can literally result in a total loss of capital if you don't do your due diligence.
I think about what Porter Collins said below quite often, as it has helped me stay out of trouble.