Billionaire investor Mike Novogratz, one of the best-known advocates of cryptocurrencies, blamed controversial “stable coin” Tether for its own recent woes. Tether has broken out of its historically tight trading range around $1, fueling suspicion that investors may be losing faith in the token. Unlike Bitcoin, whose value fluctuates wildly from day to day, Tether’s tokens are designed for stability. Prices for the coin have slumped in recent days as traders question Tether’s claim that each one is backed by a dollar in its bank accounts. “I think Tether didn’t do a great job in terms of creating transparency," operating off-shore, Novogratz, the Galaxy Digital Holdings Ltd. founder, said Wednesday at a conference in Frankfurt, adding that the stable coin now may need some time to regain trust.

https://www.bloomberg.com/news/articles/2018-10-18/novogratz-says-tether-s-lack-of-transparency-hurts-crypto-coin?srnd=technology-vp