Tether has a market share of more than 75% of the entire stablecoin market, which has raised concerns about Tether's influence on the crypto industry. Cyber Capital founder Justin Bons is concerned that Tether could be a bigger scam than FTX. Bons wrote in an X post on September 14: Tether is one of the biggest existential threats to cryptocurrencies as a whole. Because we have to believe they hold $118 billion in collateral and it offers no proof. Even after the CFTC fined Tether in 2021 for lying about reserves. Back in 2021, Tether was fined $41 million by the US Commodity and Futures Trading Commission (CFTC) for lying about USDT being fully backed by reserves. Sean Lee, co-founder of IDA Finance, said that while FTX's collapse was due to its inability to cash in on massive customer withdrawals of $6 billion in three days, the hypothetical Tether collapse was related to its banking partners. "Bear market or not, the likelihood of Tether crashing is more about its structural connection to underlying assets and banking than market volatility. Otherwise, USDT would have suffered losses in the last bear market, but in reality USDC was decoupled due to its reliance on SVB and Signature Bank."