Tether is ok….ish?
So, it turns out Tether were telling the truth. Perhaps. It’s still as clear as mud really.
After breaking with their auditor, Friedman LLP, earlier in the year (a fact that Tether have considered down to no auditors being capable of providing an audit for a blockchain based currency at the moment), Washington DC based law firm Freeh Sporkin & Sullivan, LLP (FSS) gave the slightest of updates.
Upon checking balances held at Tether’s bank accounts, they can confirm on June 1st this year, the accounts held $2.55bn, against issued Tether of $2.54bn.
All good news then? Not really. This update was served with multiple caveats, Such as:
“FSS procedures performed are not for the purpose of providing assurance.”
“FSS has not performed any procedures or made any conclusions for activity prior to or subsequent to June 1st, 2018, Close of Business,”
And that the law firm “…..makes no representation regarding the sufficiency of the information provided to FSS,”
So, all we can be sure of is that Tether’s accounts were sufficiently funded at one point in time. This was the same last September, when auditors Friedman LLP served up roughly the same news for ‘dollar-to-tether capitalisation’ with roughly the same caveats.
The market reacted neutrally to the news.
As these snapshots begin to build up, could we finally see a death knell for Tether’s naysayers and conspiracy theorists?
Probably not, but we think that a few more snapshots showing at least matching balances will keep the crypto-market non correlated to such rumours.
