Consider Tether’s predicament. Whether it has the funds it says it has isn’t the only question. The other, perhaps even more important, is whether the market believes those commitments will hold up against a wider environment of waning confidence.
An anonymous open letter published on the Ethereum blockchain in April alleging sexual harassment at a top university could be the motivation behind the new regulations. While the authorities were able to remove the post from social media platforms like WeChat and Weibo, they were hopeless on the blockchain.