A lot of bad news from Teather for last times.
I heard that they declined to do audit and ask auditors just trust them.
If they did audit i think we will see some problems and bad markets reacting.
By the way its Bitfinex co founder as i known so Bitfinex could have problems too.
Whats u think ?
Topic: [2018-01-27]Tether Confirms Its Relationship With Auditor Has 'Dissolved' (Read 161 times)
January 29, 2018, 03:13:36 AM
January 28, 2018, 09:31:04 AM
If people are holding tether, dump them before it drops further.
People shouldn't have used Tether in the first place. It was something that a lot people were looking at as being something that would/will at some point collapse. To add; Tether's sole purpose of existence (maintaining a 1:1 ratio versus USD) has been debunked (i.e proven worthless) several times before already, last year. Some people even speculate about how Tether is being used to fund Bitcoin's massive rush of last year, but that's not the case, or at least, not entirely. Bitcoin's growth has a legitimate and justifiable growth source, which is increasing adoption on a daily basis, and further growth as utility. But I have to say that regardless of how much we end up seeing the price increase, Tether will always be a concern that might spoil things badly.
Exchanges and users have personally helped this garbage get distributed widely in this ecosystem, and that's their biggest mistake so far.
January 28, 2018, 07:23:37 AM
The price of Tether against USD is dropping on Kraken and elsewhere.
There is a big thread about it on Reddit:
https://www.reddit.com/r/BitcoinMarkets/comments/7titb5/tetherusd_has_crashed_11_since_friedman_breakup/
If people are holding tether, dump them before it drops further.
There is a big thread about it on Reddit:
https://www.reddit.com/r/BitcoinMarkets/comments/7titb5/tetherusd_has_crashed_11_since_friedman_breakup/
If people are holding tether, dump them before it drops further.
January 27, 2018, 09:34:15 PM
Tether, the issuer of the dollar-pegged cryptocurrency USDT, said its relationship with audit firm Friedman LLP has ended.
The statement, provided Saturday evening by a company spokesperson to CoinDesk, confirms the suspicions of online sleuths and is likely to raise new questions about the company's finances.
Friedman had been working on an audit of Tether, which has close ties to the cryptocurrency exchange Bitfinex. Critics of the two companies, most prominently the blogger who goes by the handle Bitfinex'd, have claimed that Tether had been printing tokens out of thin air to drive up the price of bitcoin on the exchange.
It is not clear from the spokesperson's emailed statement who broke up with whom. The statement reads:
"We confirm that the relationship with Friedman is dissolved. Given the excruciatingly detailed procedures Friedman was undertaking for the relatively simple balance sheet of Tether, it became clear that an audit would be unattainable in a reasonable time frame. As Tether is the first company in the space to undergo this process and pursue this level of transparency, there is no precedent set to guide the process nor any benchmark against which to measure its success."
The company remains "committed to the process," the spokesperson added.
Eagle-eyed cryptocurrency enthusiasts on Twitter had raised doubts about the status of the relationship last week, noting that Friedman had dropped Bitfinex's name from the list of clients on the audit firm's website. Friedman did not return calls and emails from CoinDesk over the course of the week.
In a preliminary report released in September, Friedman said Tether had $442.9 million of cash on reserve, matching the outstanding issuance of USDT – but that assessment was not a full audit and contained numerous caveats.
https://www.coindesk.com/tether-confirms-relationship-auditor-dissolved/
The statement, provided Saturday evening by a company spokesperson to CoinDesk, confirms the suspicions of online sleuths and is likely to raise new questions about the company's finances.
Friedman had been working on an audit of Tether, which has close ties to the cryptocurrency exchange Bitfinex. Critics of the two companies, most prominently the blogger who goes by the handle Bitfinex'd, have claimed that Tether had been printing tokens out of thin air to drive up the price of bitcoin on the exchange.
It is not clear from the spokesperson's emailed statement who broke up with whom. The statement reads:
"We confirm that the relationship with Friedman is dissolved. Given the excruciatingly detailed procedures Friedman was undertaking for the relatively simple balance sheet of Tether, it became clear that an audit would be unattainable in a reasonable time frame. As Tether is the first company in the space to undergo this process and pursue this level of transparency, there is no precedent set to guide the process nor any benchmark against which to measure its success."
The company remains "committed to the process," the spokesperson added.
Eagle-eyed cryptocurrency enthusiasts on Twitter had raised doubts about the status of the relationship last week, noting that Friedman had dropped Bitfinex's name from the list of clients on the audit firm's website. Friedman did not return calls and emails from CoinDesk over the course of the week.
In a preliminary report released in September, Friedman said Tether had $442.9 million of cash on reserve, matching the outstanding issuance of USDT – but that assessment was not a full audit and contained numerous caveats.
https://www.coindesk.com/tether-confirms-relationship-auditor-dissolved/
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