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As a layman trying to understand all this, doesn't the latest BDO report on their transparency page https://tether.to/en/transparency/#reports https://tether.to
by Faark 4y ago
As a layman trying to understand all this, doesn't the latest BDO report on their transparency page https://tether.to/en/transparency/#reports https://tether.to/en/transparency/#reports indicate ~40 billion usb to be in US treasury bills? That sounds pretty safe/OK to me, or what am missing? Do you accuse BDO of issuing bullshit reports?
- Nursie 4y agoSo firstly, there's this - https://www.bloomberg.com/news/articles/2022-08-18/tether-drops-cayman-islands-firm-in-bdo-italia-attestation-deal https://www.bloomberg.com/news/articles/2022-08-18/tether-dr... Which seems to indicate that they signed an agreement with BDO Italia, "an independent subsidiary" of BDO. Not sure if that's significant in itself. Probably not. Secondly, BDO are "evaluating" their ongoing relationship with crypto firms - https://www.wsj.com/livecoverage/stock-market-news-today-12-16-2022/card/accounting-firm-bdo-evaluating-crypto-work-D2AdU122tCqCmnqjXSd1 https://www.wsj.com/livecoverage/stock-market-news-today-12-... And third, well, it's not an audit, it's more of a "Reserve balances look OK to us on this date" report. It doesn't (for instance) take into account any other liabilities the company may have. So I'd say this is (as another poster mentioned) better than nothing, which is what they used to give, but worse than an actual audit.