3 ms·

https://tether.to/en/transparency/#reports https://tether.to/en/transparency/#reports They claim 85% cash/cash equivalents, 15% less liquid assets. Cash equiva

https://tether.to/en/transparency/#reports https://tether.to/en/transparency/#reports They claim 85% cash/cash equivalents, 15% less liquid assets. Cash equivalents is broken down also, 55% is Treasury bonds.

adrr 4y ago
Thats meaningless unless it's an audited by a top 4 firm.
- TedDoesntTalk 4y ago
  You mean like Earnst & Young who was just fined $100 million for overlooking cheating by their employees on the ETHICS portion of the CPA exam? I agree something is severely broken about Tether, but it’s also clear that auditing firms can be crooked, too. I would not trust an audit to expose Tethers shortcomings. After all, the auditors can only report on the documentation provided to them … they specifically do not determine the legitimacy or validity of the documents provided (iow, false documents are not vetted in any way). Remember WireCard’s fraud? If not: https://en.m.wikipedia.org/wiki/Wirecard_scandal https://en.m.wikipedia.org/wiki/Wirecard_scandal E&Y: https://www.msn.com/en-us/money/markets/ernst-26-young-cheating-scandal-the-e2-80-98largest-fine-ever-imposed-e2-80-99-against-audit-company/ar-AAZ05UM https://www.msn.com/en-us/money/markets/ernst-26-young-cheat...
  - jjfoooo4 4y ago
    If you’re arguing the auditing firms can be games and Tether can’t seem to pass an audit by them, that seems worse
- propogandist 4y ago
  they have committed to being audited by a Top 12 accounting firm, which is laughable https://twitter.com/WatcherGuru/status/1538815060298063873 https://twitter.com/WatcherGuru/status/1538815060298063873
  - jcranmer 4y ago
    Their audit has been forthcoming for over 5 years at this point. I wouldn't hold my breath. (Also note that attestation ≠ audit.)
    - aenis 4y ago
      One only needs to look at the "signature" under the attestation doc to know its fraud.

3 ms·

https://tether.to/en/transparency/#reports https://tether.to/en/transparency/#reports They claim 85% cash/cash equivalents, 15% less liquid assets. Cash equiva

by marcell 4y ago

adrr 4y ago
Thats meaningless unless it's an audited by a top 4 firm.
- TedDoesntTalk 4y ago
  You mean like Earnst & Young who was just fined $100 million for overlooking cheating by their employees on the ETHICS portion of the CPA exam? I agree something is severely broken about Tether, but it’s also clear that auditing firms can be crooked, too. I would not trust an audit to expose Tethers shortcomings. After all, the auditors can only report on the documentation provided to them … they specifically do not determine the legitimacy or validity of the documents provided (iow, false documents are not vetted in any way). Remember WireCard’s fraud? If not: https://en.m.wikipedia.org/wiki/Wirecard_scandal https://en.m.wikipedia.org/wiki/Wirecard_scandal E&Y: https://www.msn.com/en-us/money/markets/ernst-26-young-cheating-scandal-the-e2-80-98largest-fine-ever-imposed-e2-80-99-against-audit-company/ar-AAZ05UM https://www.msn.com/en-us/money/markets/ernst-26-young-cheat...
  - jjfoooo4 4y ago
    If you’re arguing the auditing firms can be games and Tether can’t seem to pass an audit by them, that seems worse
- propogandist 4y ago
  they have committed to being audited by a Top 12 accounting firm, which is laughable https://twitter.com/WatcherGuru/status/1538815060298063873 https://twitter.com/WatcherGuru/status/1538815060298063873
  - jcranmer 4y ago
    Their audit has been forthcoming for over 5 years at this point. I wouldn't hold my breath. (Also note that attestation ≠ audit.)
    - aenis 4y ago
      One only needs to look at the "signature" under the attestation doc to know its fraud.