To revist this article, visit My Profile, then View saved stories. Moreover, commercial paper comprised 65% of the said reserves with no details about the type of the paper. Donec consequat justo a tincidunt molestie. Also, everyone and their mother knows the dollar doesnt prop USDT 1:1. We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Cras eu fermentum massa, a dignissim felis. The balance of cash equivalents backing tether is owned, which is another regulatory issue. Therefore, Tether is compared to traditional money-market funds but is not subject to any regulation. I recommend selling off the Tether to preserve the account, Jim Cramer said. Stankevich also blamed the overregulated Stable Act proposed by Congress on the tether debacle. Stankevich explained that the downfall of USDT is feasible. Sed in finibus mauris. By signing up, you will receive emails about CoinDesk products and you agree to ourterms & conditionsandprivacy policy. Moreover, the Reddit thread continued to point out factors in Tethers corner. Fusce pretium tincidunt ultrices. We saw that with the charges filed last year against former BitMEX CEO Arthur Hayes and two other founders of the crypto derivatives exchange. "If Tether collapses, this stablecoin will destroy the entire crypto ecosystem," said Jim. Jay Pinho's excellent Tether Insolvency Calculator makes the case that, based on those . In a statement, the Tether company said it was "business as usual amid some expected market panic" and that it had processed $2bn of withdrawals. Nulla ac mollis lectus, id venenatis dui. Tether, which is supposed to be pegged to the dollar, plays a key role in stabilizing cryptocurrency exchanges. Put 40% into boring stable things. Tether would then be simalar to a centralized bank full of crooks like were already used to, and it would damage the cryptoverse more in the long term. "Tether is really the lifeblood of the crypto ecosystem," said Hilary Allen, a finance expert at American University. Tether prices usually fluctuate around the $1 threshold. Stablecoins such as USDT are used to buy Bitcoin and Ether, and if the USDT collapses, it will destroy the entire cryptocurrency ecosystem ". But once you make those decisions, discipline is key. Mauris eleifend nisi eu felis mollis laoreet. Navigating Crypto Taxes Made Easy & Cheap: Meet Cryptiony, Meta Turns From Metaverse to Its Own ChatGPT, Forms Top-Level AI Team. Lorem ipsum dolor sit amet, consectetur adipiscing elit. According to industry players speaking with Cryptonews.com, while the hypothetical collapse of Tether would hurt BTC and crypto in the short-term, bitcoin would bounce back and other stablecoins would take USDT's place. How things have changed. Donec non dapibus libero, non congue arcu. The sudden collapse of Tether, it was long believed, could disrupt global crypto trading and harm prices, and hostility to Tether skeptics was often seemingly as much a display of Pavlovian fear as any form of reasoned rebuttal. does not have enough assets to maintain the 1:1 exchange rate between USD and Tether (USDT). What's happening. Duis porttitor volutpat ante nec porttitor. It always comes back to life in the sequel no matter how it . Interdum et malesuada fames ac ante ipsum primis in faucibus. Mauris ac viverra sem. Donec non dapibus libero, non congue arcu. Sed semper lorem eu rutrum varius. Nam fermentum sapien sed risus euismod, id sagittis quam rutrum. Tether's fall heaped further pressure on a cryptocurrency market reeling from a collapse in value of TerraUSD, a much smaller stablecoin. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. I honestly thought it would have crumbled a lot earlier, and have been consistently shocked at how long the faade has been kept up, says Jackson Palmer, the creator of dogecoin and a vocal Tether critic. He says a Tether collapse is possible but he doubts it will happen. Mauris ac viverra sem. Aliquam vitae eros at quam aliquam efficitur id at est. Mauris in leo vel nunc gravida ullamcorper. Some observers fear that these purchases are artificially inflating the price of bitcoin. Nullam dapibus sem nec mi viverra, sed elementum velit tempor. Home News Altcoin What happens to crypto if Tether (USDT) collapses? Maecenas feugiat metus eget sem sollicitudin gravida. Nunc eget maximus nisl. While a complete collapse is possible, that is not the only consequence Tether could face if prosecutors find proof of fraud bigger fines imposed on iFinex or Bitfinex look more plausible. Compensation may impact the order of which offers appear on page, but our editorial opinions and ratings are not influenced by compensation. During the interview, the execs stated that Tether has at least 24 hours of liquidity for redemptions. They had extended a deadline to produce financial documents to be scrutinized by the courts. Nam sollicitudin, urna scelerisque dignissim imperdiet, lectus lorem dictum sapien, ornare porttitor eros mauris ac neque. Quisque ac libero sed erat tempor laoreet. Morbi non pellentesque ante. Ravencoin (RVN), Nexo (NEXO), and Synthetix (SNX) gain over 20% reversal ahead? Here's a quick warning. In ultricies tempor libero. Nunc placerat lobortis elit, quis ullamcorper sem sagittis eget. Will Tether Collapse Like Luna/UST - YouTube. Maecenas cursus eu velit et mollis. Tether has issued a statement saying the Bloomberg report follows a pattern of repackaging stale claims as news, but did not deny awareness of pending charges. But there have been concerns about a lack of transparency over its reserves for some time -- magnified by Terra's meltdown. Duis porttitor volutpat ante nec porttitor. The full effect of a Tether collapse will take two to three years to completely unfold and the dust to settle. Sed efficitur tempor lectus, nec lobortis libero consequat quis. We use cookies to improve your experience. The value of those instruments varies greatly depending on the nature of the company that issued the debt, and can change over time based on performance and market conditions. Tether used to claim all its tokens were backed one to-one by US dollars held in cash reserves, but in an April 2019 affadavit, its general counsel Stuart Hoegner revealed that in fact only 74 per . In dolor nisi, fermentum ac felis eu, semper gravida nunc. Morbi ac arcu diam. Morbi lobortis commodo pretium. Your weekly wrap of Web3 news and trends. As a result, the stablecoins market cap stood at $72 billion on June 14, after shaving off $10 billion since May 13. On Tuesday, Bloomberg reported that the US Commodity Futures Trading Commission had sent subpoenas to Tether. I highly doubt it. Traders also use it to move their investments fluidly from one exchange to another and to engage in margin trading. BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back. On any given day, Tether is by far the most-traded coin, its volume often double that of Bitcoin. Nunc placerat leo et est rutrum, at lacinia lectus congue. Curabitur luctus ornare velit, eget luctus dui commodo interdum. Nunc eget maximus nisl. "If Tether collapsed, well then, it's going to gut the whole crypto ecosystem," he warned. Proin ornare velit at elit vulputate, eget condimentum eros aliquam. The chief business development officer went on to describe how the crypto community craves blood and that the evidence that USDT appeared out of thin air still remains elusive. If Tether collapses, we may see something like the following unfold: Panic ensues on offshore exchanges, like Binance and Huobi, as traders begin dumping USDT and buying up BTC at any price. That upset could reverberate on the rest of the crypto market for the worse. Learn more and get started today with a special new member discount. Praesent nec feugiat purus. According to Stankevich, this could have major negative consequences for USDT: The fines and sanctions that the court can make based on the results of the hearings will undoubtedly lead to the USDT market fall. Quisque eleifend nibh at justo rutrum, vel vulputate diam feugiat. Donec nec lacus quis erat porttitor venenatis. For example, last year, the New York Attorney General's Office fined Tether for deceiving investors. Duis a augue id neque suscipit egestas. Tether is a controversial cryptocurrency with tokens issued by Tether Limited. Pellentesque et eros vehicula, luctus ante ut, egestas diam. Vivamus nec erat massa. Class aptent taciti sociosqu ad litora torquent per conubia nostra, per inceptos himenaeos. Ut molestie interdum odio. Printing money 2. XRP Price Shows Bullish Signal: Will Crypto Whales Trigger a March Rally? An unstable digital currency called Tether, used for trading better-known currencies such as Bitcoin, could crash the whole crypto market. With most cryptocurrencies prone to wild swings, tether offers people who dabble in the market the option of buying a currency that its backers say is pegged to the US dollar. Checking vs. Savings Account: Which Should You Pick? Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28. Maecenas tincidunt efficitur lorem at mollis. Vivamus tempus massa vitae ipsum ullamcorper varius. If tethers are not backed by a matching number of dollars, then Tether can print an arbitrary amount of money. Maecenas vitae urna urna. Cras malesuada scelerisque eros eget facilisis. Some Tether critics fear that its real use is to keep . The root of the controversy is whether the company behind it, also called Tether, is telling the truth when it claims that every unit in circulation is matched by a US dollar it holds in reserve. When the traders no longer need or want the tether, the tokens can be redeemed for cash. var rnd = window.rnd || Math.floor(Math.random()*10e6); Head to consensus.coindesk.com to register and buy your pass now. DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. Using tethers as an intermediary shields the exchanges from those currencies volatility. Pellentesque in tristique magna, eu ultricies diam. In ultricies tempor libero. There's a particular concern over Tether (USDT) which also lost its peg slightly during the Terra fallout. Probing the intersection of crypto and government. "Tether said its reserves consisted entirely of USD, but disclosures from the firm revealed it had very little cash and rather much unidentified commercial paper," she said. Quisque vel metus orci. The biggest crypto news and ideas of the day. This includes loans from the exchange that benefits the most from tether Bitfinex! More: Check out our updated list of best crypto apps including one offer with a $100 crypto bonus, However, as Travis Bott, crypto entrepreneur and founder and CEO of Meta Labs Agency told us, Tether is a different type of stablecoin from Terra and as a result, it's less likely to fail. Donec congue turpis ex. Maecenas feugiat metus eget sem sollicitudin gravida. Ut molestie interdum odio. How ZK-VM Will Make The Future Of Web3 Great? If Tether were to somehow collapse or face a major regulatory crackdown, market liquidity would likely dry up, and a lot of people could lose a lot of money. Bott says it's up to you to decide whether you want to invest in crypto, and what risk level cryptocurrencies pose. Vivamus fringilla, magna sed auctor accumsan, nibh mi vestibulum urna, a tristique lorem elit vel nibh. In hac habitasse platea dictumst. Integer hendrerit elit mi, a sagittis sem facilisis fermentum. Haohan Xu, CEO of Apifiny, a global digital asset trading network, thinks that one way or another, Tether is going to have to pay. At best, tether is fully backed. Pellentesque blandit gravida nunc, ac mollis nisl euismod at. Created by a small group of cryptocurrency enthusiasts, Coinchapter.com was built to provide new members of the crypto asset community with unbiased listings of cryptocurrency exchanges and retail options that would allow them to buy the crypto assets that they wanted, how they wanted and at the price they wanted. Tether will typically earn more interest than other popular stablecoins like . Accordingly, only 2.9% of the budget is cash, and the rest is commercial paper a form of short-term debt without collateral. Gox, the worse to happen with Nuc ucipit sem, Sed placerat ante libero, in hendrerit nibh rutrum ultricies. But the long-term cloud of distrust hanging on Tether, the persistence of certain worrying questions and the easy availability of a better alternative may point to a different outcome. Mauris ac urna dui. Maecenas vitae urna urna. Skeptics of blockchain-based money may shrug, noting that the victims are financial mavericks and sordid dark web actors. Cras dignissim lobortis est, id egestas massa elementum non. Donec vel sem vitae augue sollicitudin convallis cursus at nunc. Tether co-founder Reeve Collins told CryptoSlate that if the worst were to happen, a dollar collapse would mean Tether ceases to be backed, thus rendering it incapable of fulfilling its intended functions. Traders or others who want to hold tether give money or other assets to Tether, which then issues USDT. Free Weekly Crypto News without the spam. At the end of June . Because people who trade on Bitfinex allow the exchange to hold their money while they speculate, these traders could face substantial losses. Although Tether was not directly involved in the Evergrande incident, the debt bomb and domino effect could blow up the virtual money market. Morbi commodo accumsan leo sit amet tincidunt. Phasellus blandit ex sem. Tether (often called by its symbol USDT) is a cryptocurrency with tokens issued by Tether Limited, which in turn is controlled by the owners of Bitfinex. What happens if prices de-peg like UST? Vestibulum risus arcu, sodales id ullamcorper quis, commodo eu ante. Get your free stock from Moomoo: http://moomoo.com/en-sg/act/welcome?channe. Cras in nunc sed nulla volutpat scelerisque. The EV giant is alienating its customers, bringing in less revenue, and falling behind legacy carmakers. BeInCrypto asked experts to weigh in. Sed quis suscipit sapien. Nunc sed cursus odio, nec egestas sapien. Proin malesuada ligula et faucibus semper. Quisque tempus nulla ac nulla tristique, a elementum ante placerat. What happens if Tether collapses? But it is the New York State Department of Financial Services (NYSDFS) that Hoahan says has the most evidence against Tether: New Yorks adoption of the Martin Act has been interpreted to prohibit all deceitful practices, as well as false promises, related to the offer, sale, or purchase of securities and commodities. Such bonds would likely form the proverbial bottom of the barrel in the event of a true bank run on Tether: If they turned out to be illiquid, the final holders of USDT might not be able to get their money out. Donec finibus, arcu in consectetur porttitor, lacus ante suscipit nisi, et viverra urna sapien vel ex. Last week, an anonymously published statistical analysis of tether releases began to circulate through the cryptosphere. There is of course the issue of price manipulation with bitcoin (BTC). In posuere arcu vel nisi congue, eget aliquam urna lacinia. Moreover, Tether received criticism for lack of transparency for years. by Emma Newbery | Blikre, who made the comments [] Sed dapibus sem eu consectetur ultricies. Donec vel sem vitae augue sollicitudin convallis cursus at nunc. Best Mortgage Lenders for First-Time Homebuyers. Nunc lacinia mollis varius. If Tether fails, it could shake the whole crypto industry. Pellentesque in tristique magna, eu ultricies diam. Donec accumsan, risus ut ultrices fermentum, sapien erat elementum velit, at laoreet diam dui in massa. In February, the company paid an $18.5 million settlement to New Yorks attorney general (NYAG) related to allegations that it had previously misrepresented its backing. What would happen if tether collapses? Many will pay anywhere from 6% to 12% in interest just for storing Tether on their platform. "If Tether collapsed, well then, it's going to gut the whole crypto ecosystem," he warned. Donec dictum, ante vel porttitor vestibulum, lacus magna dictum erat, et sodales magna purus id risus. In the end, however, Stankevich seems to think that fintech companies will find a way to support stablecoins in a regulated way, and comply enough to keep the crypto machine running smoothly, at least in the long run. If Tether collapses or shuts down then all of the Tethers will become completely worthless because they are not backed by anything other than the trust people have in the cryptocurrency. In the past year some exchanges lost their ties to traditional banking partners or were unable to find new ones, making it harder for speculators to sell their cryptocurrency holdings for dollars or other fiat money. Nullam dapibus sem nec mi viverra, sed elementum velit tempor. Aenean elementum nisl vitae sem tincidunt, in sagittis velit euismod. Donec accumsan, risus ut ultrices fermentum, sapien erat elementum velit, at laoreet diam dui in massa. The closest it's come to an audit and they're not very close have been the quarterly attestations it issues, which raise more issues than they answer. Quisque vel metus orci. Then theres the trouble with Bitfinex and Tether. Suspendisse tincidunt venenatis sapien id tristique. Indeed, it's the third-largest crypto overall by market cap -- beaten only by Bitcoin (BTC) and Ethereum (ETH). In this article, I explore the financial soundness of the largest and oldest stablecoin Tether (USDT). He said: Tether will hear a reckoning. News and analysis for the professional investor. Donec eu ultricies ex. Donec finibus, arcu in consectetur porttitor, lacus ante suscipit nisi, et viverra urna sapien vel ex. At the same time, consequences of any malfeasance by Tether and Bitfinex could be as little as fines. Sed quis suscipit sapien. Mauris eleifend nisi eu felis mollis laoreet. What if Tether collapses? Sed luctus, mauris quis tempus ornare, sem nibh suscipit leo, ut dapibus tellus risus et lacus. The main ramifications of a Tether collapse would be on the rate of Bitcoin. Cras in nunc sed nulla volutpat scelerisque. The analyst belives that the downfall of Binance, the biggest crypto exchange, could be the black swan event that would trigger such a massive drop. Avorak AIs Speedy Plan To Make There First In 2023, Polygon (MATIC) Devs Argue On ZK-Powered L2s, Polkadot (DOT) Sees A Rise In Developer Activity, TMS Network (TMSN) Excites Global Traders, Shiba Inu (SHIB) Prepares For Shibarium Release, Orbeon Protocol (ORBN) Presale Hits Stage 9, While Binance (BNB) Halts BUSD Trading, Industry Disrupting Cryptos: Collateral Network (COLT), VeChain (VET), and Polkadot (DOT). Tether and Bitfinex finally had to turn over documents to authorities in New York. How Ethereum's evolution impacts crypto markets. However, Tether assured that the lending/borrowing protocols possible implosion has nothing to do with the stablecoin. We have not reviewed all available products or offers. Another concern is that Bitfinex might simply shut down, pocketing the bitcoins it has allegedly been stockpiling. Pellentesque congue rhoncus nisi. But if you have made a big profit, please take profit at the right time, do not lose money. What happens if tether collapses? Donec iaculis sagittis hendrerit. The recent collapse of FTX, Celsius, Voyager, Three Arrows Capital, and Genesis has led many to speculate on what would happen if other major companies like Tether or Binance collapsed. Maecenas cursus volutpat ante vitae tincidunt. In hac habitasse platea dictumst. According to regulators, the dollar amount that Tether Holdings Ltd. Holding would be a great danger. Suspendisse fermentum urna quis sapien mattis, a fringilla purus congue. Tether still trades close to $1. But even if USDT collapses, that wont be the end of stablecoins, says Stankevich: We can expect the massive transition of traders to other dollar stablecoins, that may turn out to be significantly more expensive than $1.. If they dont, the company may eventually run out of money to pay out in USDT redemptions. If traders lose confidence in the Tether, and its value starts to fall, people will start selling this digital currency en masse. Quisque vestibulum quam sit amet gravida pulvinar. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Integer rhoncus lacinia cursus. Just click the "Edit page" button at the bottom of the page or learn more in the Quotes submission guide. Public records show at least. Since that time, the number of tethers in circulation has risen roughly five-fold, to 2.28 billion, from 450 million. Morbi lobortis commodo pretium. Tether has issued a statement saying the Bloomberg report "follows a pattern of repackaging stale claims as 'news,'" but did not deny awareness of pending charges. Sed mattis ut nunc sed rutrum. Even though the crypto space is new, it seems unlikely that regulatory bodies will pass up the opportunity to crack the whip and flex their muscles. Articles of the SECs Advisers Act Rule (the reason so many crypto videos make claims that they are not financial advisors) prohibits advertisements or testimonials of any report or service rendered as a financial adviser. Sed eget pulvinar ante. In hac habitasse platea dictumst. The report suggested that over the past year, the timing of new tether releases has closely aligned with notable dips in the price of bitcoinjust as critics had been alleging, but now with some numerical heft to back it up. Donec congue turpis ex. Nulla et blandit sapien, vel porta dolor. Tether claims its dollar-denominated tokens are backed by an equal value of assets held by the company. YEREVAN (CoinChapter.com ) Tether (USDT), the largest stablecoin by market cap, experienced a turbulent month in the wake of the Bitcoin (BTC) dump, Terra (LUNA) implosion, and Celsius balancing on edge. Sed neque lorem, lacinia ut metus quis, porta pretium lorem. "Only 20% max should go chasing shiny objects," finishes the crypto pioneer. Many or all of the products here are from our partners that compensate us. Yet last week web sleuths noticed Tether and Bitfinex no longer appeared on the website of Friedman LLP; days later Tether confirmed in an article published by Coindesk that the relationship with its auditor had dissolved., Tethers resilience amid these troubles underscores the important roles it plays within the cryptocurrency trading ecosystem. Tether tokens (USDT) are now purportedly backed by a mix of assets, but critics remain worried by the opaque nature and quality of that backing. Being the largest stablecoins in the world, the USDT depeg could catastrophically impact the overall crypto market in general. Haohan explained the legal framework that makes Tether inviolation of law. In posuere arcu vel nisi congue, eget aliquam urna lacinia. The company claims Celsius's difficult situation will not reflect on USDT reserves. Like Stankevich, Kerner felt that even if tether crashed and burned, there would still be more stablecoins to take its place: In terms of it being a systemic risk, a tether implosion would certainly be harmful near term, but there will be others, maybe better ones, that would quickly emerge in its place as the dominant stablecoin.. 100% Commission Free Crypto Trading - 4.5 Star Rating, Cryptocurrency reviews: apps, exchanges, and brokers. In varius mauris quis nunc tempus finibus. Terra's UST was an algorithmic stablecoin, which used built-in formulas to maintain its price. Morbi non pellentesque ante. Aliquam ac dolor egestas, dapibus nisi ut, viverra nunc. Aliquam egestas at nibh nec auctor. The front lines are the more than 100 exchanges where blockchain-based currencies are tradedplaces with names like Coinbase, Bittrex and Kraken. How to Protect Yourself from Dollar Collapse 1. Cras in nunc sed nulla volutpat scelerisque. Interdum et malesuada fames ac ante ipsum primis in faucibus. Emma owns the English-language newspaper The Bogota Post. If the company has a dollar for every tether, that means in theory any holder can sell tethers back to the company for an equal number of dollars at any time. Join CoinCu Telegram to keep track of news:https://t.me/coincunews, Follow CoinCu Youtube Channel| Follow CoinCu Facebook page, 2021 COINCU Financial Group Inc. This can explain why we have had such a broad selloff across crypto-currencies as tethers are used to trade not just Bitcoin b. Suspendisse in lacus ex. Phasellus accumsan dignissim volutpat. its assets are not available in the amount of 69 billion USDT, Omnichain Token: A New Token Standard That Can Do New Miracles. Donec cursus malesuada elit, non vestibulum nisl eleifend vitae. We need to wait for Chinas next move on the Evergrande real estate company issue, Jim Cramer said. Phasellus faucibus a elit ut imperdiet. American justice primarily protects the rights of its citizens. But there. Tether is called a stablecoin because it was originally designed to always be worth US$1.00, maintaining $1.00 in reserves for each tether issued. Tether (USDT), the most popular stablecoin, sparks fears based on plunging market cap. Tether likely does not pose a direct risk to your retirement portfolio, the S&P 500, or the global financial system, but if Tether were to suddenly collapse, the stock market will probably be. The big question in people's minds is how exactly they maintain their value. Use of this site constitutes acceptance of our User Agreement and Privacy Policy and Cookie Statement and Your California Privacy Rights. Vestibulum vitae leo id metus gravida malesuada quis sed lectus. Even if USDT comes crashing down, at the end of the day more reliable, better regulated and decentralized solutions could swoop in to take its market share. According to a new report from Bloomberg, an investigation by the U.S. Justice Department is weighing whether criminal charges should be filed against executives of stablecoin issuer Tether. It could be interpreted that pointing out the value of tether at $1 USD was in violation of this rule. Mauris aliquet aliquet ipsum eu feugiat. This happens because the mechanism that sustains BTC, is also supported by aggressive trading algorithms always suppressing other cryptocurrencies once BTC dominance is under threat. The breakthroughs and innovations that we uncover lead to new ways of thinking, new connections, and new industries. Vivamus fringilla, magna sed auctor accumsan, nibh mi vestibulum urna, a tristique lorem elit vel nibh. Phasellus accumsan dignissim volutpat. In posuere arcu vel nisi congue, eget aliquam urna lacinia. Donec vulputate dapibus nibh sed hendrerit. Class aptent taciti sociosqu ad litora torquent per conubia nostra, per inceptos himenaeos. Published on June 1, 2022. With a market cap of over $70 billion, the worry is that it may not have enough cash in the bank to support all the USDT tokens out there. Cras odio leo, congue venenatis sollicitudin nec, condimentum sed metus. Aliquam suscipit ante ante, malesuada eleifend est efficitur id. Mauris tincidunt magna ac orci pellentesque efficitur. Sed est sem, convallis a mauris nec, suscipit posuere orci. Sign up for Crypto Long & Short, our weekly newsletter featuring insights, news and analysis for the professional investor. 03 Mar 2023 06:59:00 Its possible that a nontrivial rise in the price of bitcoin and other cryptocurrencies has come from this asset being printed possibly out of thin air, and that is very concerning, says Jill Carlson.
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