There are no guarantees that Tether tokens are fully secured by the US dollar

Media: there are no guarantees that Tether tokens are fully secured by the US dollar


Legal firm Freeh Sporkin & Sullivan, LLP (FSS) being not profile in the questions of audit prepared a report on the state of bank accounts the company Tether. The row of MASS-MEDIA paid attention, that a document contained the row reservations and in no way can testify to the complete financial providing tokens USDT, CoinDesk reports.

FSS specified in a report, that the procedures executed to her are not “intended for the grant guarantees and them it is not necessary to mix up with an audit”, as work was conducted “without the observance of the public accountant and accounting standards”.

A main legal adviser of Tether Stu Hoegner does not deny that FSS used a few another procedures, what ordinary public accountants, however convinced, that “key conclusions appeared the same”.

“Research a picture amount is the basis of the bank balance in certain moment time”, – Hoegner asserts.

Exactly this circumstance attracted attention MASS-MEDIA. FSS declares “confidently”, that on June, 1 there was more money on the accounts of Tether, than required for providing being then in the appeal tokens USDT ($2, 55 billion in two jars against a 2,54 billion of USDT). However no information over about providing tokens before and after this date is not brought.

“FSS carried out no actions and did not mature decisions concerning activity, preceding on June, 1 2018 or following after this date. From it it is possible to draw conclusion about absence guarantees about complete material well-being of USDT in the past or to date,” – journalists concluded.

Side by side with this they did not begin to deny a presence at FSS of certain authority, marking that among her founders three former federal judges and ex-director of FBI are counted Louis Free.

In behalf on specialists FSS talks at circumstance that they chose a date for verification accounts of Tether in two jars “without an advance notice or consultations with a company”. In a secret there is also the certain information inquired about USDT issued to this day.

In turn, Stu Hoegner explained the considerable reservations contained in a report, by the row difficulties in realization audit. In particular, he specified on absence for the public accountants the knowledge at industries of cryptocurrencies and impossibility operative adaptation accounting standards under new economic realities.

We will remind, relations with previous a public accountant, company Friedman LLP, Tether tore half-year back, at the end in January. Then it was explained by “extremely difficult procedures, to that Friedman came running for verification relatively simple balance sheet of Tether”. From it allegedly a “audit could not be conducted in acceptable terms”.

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