4 ms·

Their audit was a couple months ago, but showed 1-1 backing at that time. Do you believe that was falsified?

• stale2002 9y ago
  That was not an audit. That was a memo. They have yet to release an actual legal audit, by an official auditing company.
  • dahdum 9y ago
    From a NYC law office wasn't it? You believe that was falsified? It could be, sure, I just haven't seen any proof. Seems like no amount of verification will ever be enough for a good chunk of the crypto community. The scars of Mt Gox and BFX socialized loss are too deep. The market seems to think otherwise, you can unload your tether for $1.02 most days if you want.
    • jboggan 9y ago
      I don't believe it was falsified but it was missing a lot of things that an actual audit would include. Not just verifying that money was in accounts but verifying what purpose that money was for and what the banking relationship / terms of use of that money was. I do believe Tether had ~$40M in USD in April but I don't believe that they were 100% honest with their banks about their business model, which is why I think they lost their banking relationships and haven't allowed the public to deposit/redeem Tether since April.
    • FireBeyond 9y ago
      Not falsified. But literally stated "This is not in any way an audit and does not meet the requirements of an audit".
    • stale2002 9y ago
      I believe that the memo released was not an audit. And I believe that if you want to prove to the world that you have a bunch of money then you should do a full, legal, audit. That's the bar. If they have all the money, then a legal audit will prove them right.
  • brendanw 9y ago
    https://en.wikipedia.org/wiki/Bank_Secrecy_Act https://en.wikipedia.org/wiki/Bank_Secrecy_Act They may be fraudulent; they may be not. Regardless, they have a lot to lose by revealing their banking partners to the world. The United States probably used the Bank Secrecy Act to force large American banks to not send money to accounts associated with Bitfinex. If Bitfinex reveals its banking partners for Tether, then they risk getting cut off from those partners or those partners getting cut off from western banking.
    • empath75 9y ago
      I'm not sure why that should give people the warm fuzzies about it.
    • FireBeyond 9y ago
      Yeah, no possible problems there for any Western investors, at all. Rely instead on the hope that the US government won't figure out where $60MM a day of deposits is ending up. It's not like the IRS and Treasury Department have forensic accountants or anything like that...