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7) FSS did not actually verify the liabilities: > In conjunction with receiving the above balance information, FSS requested the Chief Financial Officer and
by TAForObvReasons 8y ago
7) FSS did not actually verify the liabilities:
> In conjunction with receiving the above balance information, FSS requested the Chief Financial Officer
and the General Counsel of Tether to certify, by sworn statement, the amount of fully-backed USD
Tethers that were in circulation as of the close of business on June 1st, 2018.
Based on the numerous downvotes, it seems many people didn't actually read the PDF in question. The quote is directly from the report and at no point does FSS claim they verified the USDT half of the claims, only that bank accounts on a particular day held a specified dollar amount.
- vorpalhex 8y agoYou didn't counter the point. An Audit isn't some pinky swear. It requires an external accountant to review not only the account balance but how it got there.
- ceejayoz 8y agoPlus "who else might have claims on this".
- ttul 8y agoAnd... where did it come from...
- TAForObvReasons 8y ago... that was a quote directly from the PDF. All FSS actually reviewed was the bank balances. The USDT side was based on a sworn statement from Tether, which calls the whole analysis into question.
- deleted 8y ago[deleted]
- ac29 8y ago"The above confirmation of bank and tether balances should not be construed as the results of an audit and were not conducted in accordance with Generally Accepted Auditing Standards." There was no audit.