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I think you're right. I saw a document that I thought was the audit report but it's a simple memorandum. https://tether.to/announcement-transparency-update/ ht

I think you're right. I saw a document that I thought was the audit report but it's a simple memorandum. https://tether.to/announcement-transparency-update/ https://tether.to/announcement-transparency-update/

ceejayoz 8y ago
That's exactly what Tether wanted you to think. They also parted ways with that firm because they were unwilling to provide what the auditor requested. They've never completed an audit, despite their website claiming "subject to frequent professional audits".
- FireBeyond 8y ago
  > They also parted ways with that firm because they were unwilling to provide what the auditor requested. Yeah. "Our auditor wanted to actually conduct an audit to say we had been audited." Tether tried to give them an instantaneous bank account balance of an account with no history, and say "Yes, on day x, there's this much in the account". Whereas, of course, there should have been nine digit deposits (sometimes multiple times a week, lol) showing on this account. Not so much.
  - Animats 8y ago
    The real question is whether Tether can survive a substantial net outflow of funds. So far, that hasn't happened. Someday it will. Tether was basically a workaround for the severe problems that cryptocurrency exchanges seem to have paying out real money. "Withdrawal limits", "pauses", "verification", and just not paying withdrawals are continuing problems. Kraken: [1] Coinbase: [2] (Over 1000 Better Business Bureau complaints!) But getting money out of Tether is hard, too. [1] https://www.bbb.org/us/ca/san-francisco/profile/financial-services/payward-kraken-bitcoin-exchange-1116-463144/complaints https://www.bbb.org/us/ca/san-francisco/profile/financial-se... [2] https://www.bbb.org/us/ca/san-francisco/profile/financial-services/coinbase-inc-1116-454104/complaints https://www.bbb.org/us/ca/san-francisco/profile/financial-se...
- tialaramex 8y ago
  You can see why they expected this to work, there are a bunch of Eastern European banks which had audits from the Big Four brand accounting firms saying everything was A-OK right up until either the bank failed entirely or was nationalised to save it from collapse. Not be able to secure an auditor to do this suggests somebody was too cheap. It's important to spread the loot around, for example instead of paying for an audit and expecting them to lie, try paying for the same audit AND buying ten times as much "specialist professional services" from the audit company. Don't ask exactly why these services are so expensive, and in particular don't expect to see all the people you're supposedly paying for busily working on anything. Just hand over the cash and voila, your audit is spotless. What a wonderful business.

ceejayoz 8y ago

That's exactly what Tether wanted you to think. They also parted ways with that firm because they were unwilling to provide what the auditor requested. They've never completed an audit, despite their website claiming "subject to frequent professional audits".

FireBeyond 8y ago
> They also parted ways with that firm because they were unwilling to provide what the auditor requested. Yeah. "Our auditor wanted to actually conduct an audit to say we had been audited." Tether tried to give them an instantaneous bank account balance of an account with no history, and say "Yes, on day x, there's this much in the account". Whereas, of course, there should have been nine digit deposits (sometimes multiple times a week, lol) showing on this account. Not so much.
- Animats 8y ago
  The real question is whether Tether can survive a substantial net outflow of funds. So far, that hasn't happened. Someday it will. Tether was basically a workaround for the severe problems that cryptocurrency exchanges seem to have paying out real money. "Withdrawal limits", "pauses", "verification", and just not paying withdrawals are continuing problems. Kraken: [1] Coinbase: [2] (Over 1000 Better Business Bureau complaints!) But getting money out of Tether is hard, too. [1] https://www.bbb.org/us/ca/san-francisco/profile/financial-services/payward-kraken-bitcoin-exchange-1116-463144/complaints https://www.bbb.org/us/ca/san-francisco/profile/financial-se... [2] https://www.bbb.org/us/ca/san-francisco/profile/financial-services/coinbase-inc-1116-454104/complaints https://www.bbb.org/us/ca/san-francisco/profile/financial-se...
tialaramex 8y ago
You can see why they expected this to work, there are a bunch of Eastern European banks which had audits from the Big Four brand accounting firms saying everything was A-OK right up until either the bank failed entirely or was nationalised to save it from collapse. Not be able to secure an auditor to do this suggests somebody was too cheap. It's important to spread the loot around, for example instead of paying for an audit and expecting them to lie, try paying for the same audit AND buying ten times as much "specialist professional services" from the audit company. Don't ask exactly why these services are so expensive, and in particular don't expect to see all the people you're supposedly paying for busily working on anything. Just hand over the cash and voila, your audit is spotless. What a wonderful business.