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https://tether.to/wp-content/uploads/2021/08/tether_assuranceconsolidated_reserves_report_2021-06-30.pdf https://tether.to/wp-content/uploads/2021/08/tether_ass

https://tether.to/wp-content/uploads/2021/08/tether_assuranceconsolidated_reserves_report_2021-06-30.pdf https://tether.to/wp-content/uploads/2021/08/tether_assuranc... This all boils down to two questions in my mind: 1) Do you trust the unsigned report from the auditor, who appears to be a fairly unknown entity? 2) Do you trust the asserted quality of the commercial paper, which makes up 50% of the putative reserves?

FireBeyond 5y ago
This is not an audit. That's why it says "Accountant's Report". Because a real accountancy firm/auditor would risk their ability to practice by calling it something it's not. The last time Tether claimed to have something that was an "actual" audit, they claimed they couldn't release it to the public because ... "... it is in Mandarin". Here's the big problem with this attestation: > Our opinion is limited solely to the CRR and the corresponding consolidated total assets and consolidated total liabilities as of 30 June 2021, at 11:59 PM UTC. Activity prior to and after this time and date was not considered when testing the balances and information described above. They're very, and repeatedly clear that this is a snapshot. There is nothing stopping Tether taking a 72 hour loan before this attestation and then closing that loan after it. They claim $6B in cash holdings, in an undisclosed bank, presumably Deltec, whose "deputy CEO" demonstrated in an interview (among other problems) that he did not know the names of the two banking licenses available to banks in that country, and he wasn't sure which one they had. You can't get a mortgage with a simple attestation of funds - why should it be okay for these guys?