On Wednesday, a law firm hired by Bitfinex regarding its USD-backed Tether token released a four-page report indicating that Bitfinex had assets in its bank account that accounted for and exceeded the supply of over 2.5 billion USDT.
The firm looked into Bitfinex’s bank accounts on a surprise date, June 1, to confirm that there were sufficient assets to cover the entire supply of Tether.
It does not suggest that Bitfinex had previously controlled a bank account that covered the Tether supply.
A major player like Bitfinex should have no issue affording a Big 4 accounting firm, or at least a mid-sized firm, so the decision to use a law firm has raised suspicions.
For what it’s worth, Bitfinex seems to have confidence in its solution as Tether continues to be issued in the face of criticisms and FUD.
There are numerous theories regarding the roller coaster market movements of cryptocurrency over the past year. A popular one revolves around the use of Tether (USDT) to inflate the price of Bitcoin during the bull market, and deflate it on the way down.
The company has stopped short of a full audit, however, leaving critics bemoaning Tether’s inability to settle the solvency debate once and for all. Vocal Tether critic Bitfinexed has been joined by a growing chorus of critics demanding full transparency from Tether, which is part owned by Bitfinex. Tether has now obliged, producing, for the
Tether Ltd. , which issues a stable coin allegedly tied to U. S. dollar reserves, claims it has hired Freeh Sporkin & Sullivan LLP — a law firm co-founded by FBI Director Louis Freeh — to confirm its bank deposits and assure investors that its cryptocurrency is backed by USD.
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