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The March attestation was published 5/24 (the day prior to that article) and is available on the Centre website[1]. It doesn’t appear there’s cause for alarm in
by roseway4 5y ago
The March attestation was published 5/24 (the day prior to that article) and is available on the Centre website[1]. It doesn’t appear there’s cause for alarm in this case.
[1] https://www.centre.io/hubfs/pdfs/attestation/grant-thorton_circle_usdc_reserves_20210331.pdf?hsLang=en https://www.centre.io/hubfs/pdfs/attestation/grant-thorton_c...
- Marazan 5y agoExcept the attestations have stopped saying how much cash they have in their accounts and now just say that Cricle _claim_ they have enough assets to cover the liabilities. This is a HUGE change and massively cause for alarm.
- antb123 5y agoProbably no depositor insurance but whatever.
- jhanschoo 5y agoNote that apparently attestations just validate that a certain bank account had a certain number at a certain time, which obviously does not account for loan obligations. In Tether's case > https://www.singlelunch.com/2021/05/19/the-tether-ponzi-scheme/ https://www.singlelunch.com/2021/05/19/the-tether-ponzi-sche... > [Tether was] Failing to complete an audit and settling on an attestation “for transparency”. The morning of the attestation, tether moved $380m from sister company bitfinex into a bank account to pass the verification