According to coindesk and bloomberg news tether and bitfinex are being subpoenad by the U.S. Commodity Futures Trading Commission. For those who do not know tether and bitfinex have the same CEO. The CEO of Bitfinex claimed to have nothing to do with the USDT but it was later found out that was not the truth.
This subpoena comes shortly after tether broke ties with its auditing firm Friedman LLC claiming that Friedman LLC was taking too long in the auditing process and not doing their job. People are in a panic selling off their USDT and out of the market all together. This is causing a panic sell and bringing forth yet another , more drastic , sea of red in the crypto marketplace however this seems to be the norm for the crypto investers over the past month after recent market boom from early December to very early January.
With even more negative press hitting the crypto markets with facebook saying they will no longer be supporting any crypto currency or ICO related adds along with much more in the past month the market is struggling trying to find stabalization. Many long term investers are not too concerned over this recent sea of red overtaking the matketplace however manh weak hands are emerging.
https://www.google.com/amp/s/www.coindesk.com/report-cftc-sends-subpoenas-bitfinex-tether/amp/