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On the other hand, the report does state balance is unencumbered. So if you trust the report (if you don't, anything goes), it is not the case that Tether borro
by sanxiyn 8y ago
On the other hand, the report does state balance is unencumbered. So if you trust the report (if you don't, anything goes), it is not the case that Tether borrowed $2.55B for a day. At least it's not that simple.
- mikeyouse 8y agoI actually spent the last few weeks preparing an audit for a company within an order of magnitude of assets. I’ll give the report a more thorough read later on. As a side note though, the organization I work for takes in client funds and then grants them out to nonprofits. Technically all of our assets are legally unencumbered but our clients absolutely expect to have access to them. The definition of unencumbered depends on the internal lawyers’ views of their commitment to any clients and investors.