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This should be simple - either Bitfinex has ~$2.4B USD sitting in banks somewhere, or it doesn't. It should not take too much auditing to figure that out.
by djrogers 9y ago
This should be simple - either Bitfinex has ~$2.4B USD sitting in banks somewhere, or it doesn't. It should not take too much auditing to figure that out.
- Havoc 9y agoIt's not the amount of auditing. Nobody wants to be associated with it. It's just not worth it from the auditor's perspective.
- astrange 9y agoNo, Tether fired the auditor because they were trying to actually do work. > Given the excruciatingly detailed procedures Friedman was undertaking for the relatively simple balance sheet of tether, it became clear that an audit would be unattainable in a reasonable time frame.
- jandrese 9y agoI swear, if this doesn't set off blaring red sirens in your head you should not be trusted with money. "We had to fire our accountant because he was trying to do his job." Next time they'll know better and hire Accenture like they should have in the first place.
- Pyxl101 9y agoYeah, it's because competent auditors aren't just going to verify the current balance, they'll look at where all the money came from and where it went, and so on. Auditing does take a lot of effort, but that's what it takes to prove legitimacy. Firing an auditor is a big red flag.
- Havoc 9y agoThat's how Tether is spinning it. It's not confirmed who ended it. The more like version is that Friedman ended it. Source: Auditor.