/?pid=22450

Updated:05:58 PM EDT Mar 27


this is ggmania.com subsite Tether Is Trying to Be More Transparent - TechAmok

Tether Is Trying to Be More Transparent - [briefly]
04:52 AM EDT - Apr,01 2021 - post a comment

Yesterday, stablecoin issuer Tether released an attestation regarding its reserves-the amount of assets that "back" each coin. It's the first such attestation from Tether in years, and it hasn't exactly reassured the skeptics. According to the document-which consists of Tether's own report, plus a statement from a small Cayman Islands accounting firm called Moore Cayman-as of February 28, Tether had around $35.3 billion in assets and $35.2 billion in liabilities. $35.1 billion of those liabilities "relate[d] to digital tokens issued," which is to say they were backing the Tethers in circulation at that time. It's a gesture toward transparency from a company that's faced intense scrutiny for its evasiveness in the past. The New York State Attorney General's office recently concluded its long-running probe into Tether's operations and fined the company $18.5 million as part of a settlement agreement. The new document isn't nothing, but it doesn't mean there aren't any outstanding questions. According to the attestation, Tether had $35.3 billion on February 28, supporting the $35 billion in Tether circulating at that time. But what about before the 28th? As part of its investigation into Tether, the New York AG's office determined that a previous "transparency update" regarding Tether's reserves was "misleading" - the note included a bank statement, but didn't disclose that many of the funds had been deposited in the bank that same morning. Before that date, according to the Attorney General's office, it's unclear how much money Tether actually had. Since the attestation only looks at a single moment in time, we can't know if that's what's going on here. A complete audit (which goes beyond an attestation) could provide a broader picture of Tether's holdings and examine activity over a longer period of time.


Add your comment (free registrationrequired)

Short overview of recent news articles

Mar,27 2024 Unreal Physics is a new free game on Steam
Mar,27 2024 Is The World's Cheapest Hardware Wallet SafePal S1 Worth It?
Mar,27 2024 Yes, this was a Bad Idea (Emergency Wall-Mounted PC Build)
Mar,27 2024 11 Cool Command Line Programs You Need to See
Mar,26 2024 When you Accidentally Compromise every CPU on Earth
Mar,24 2024 Everyone Who Tried This Has FAILED - Khadas Mind Modular PC
Mar,24 2024 Air Cooling is Dead
Mar,24 2024 US Justice Dept. Sues Apple for Monopolistic Behavior in Smartphones
Mar,24 2024 Beetlejuice Beetlejuice - Official Teaser Trailer (2024) Michael
Mar,22 2024 Alien: Romulus | Teaser Trailer
Mar,22 2024 NVIDIA Is On a Different Planet
Mar,21 2024 Everyone Needs This and it's Under $10 - Handy Tech Under $100
Mar,21 2024 20 COOL GADGETS FOR 2024
Mar,21 2024 Nvidia's 5090 Is Built From WHAT?!
Mar,20 2024 Parasyte: The Grey | Official Trailer | Netflix
Mar,20 2024 Fastest m.2 on Planet EARTH | Crucial T705 Nvme Review
Mar,20 2024 LG's new 480Hz OLED dual-mode monitor
Mar,19 2024 First 9.1 GHz CPU (overclocked 14900KS)
Mar,18 2024 Haley Messick - Saatisfaction @bennybenassi - In10sive Mastercamp
Mar,18 2024 1000W CPU: The Most Powerful Desktop Processor
Mar,18 2024 Expands Snapdragon 8 Series to Cover More Price Points
Mar,17 2024 Train Vs Lamborghini
Mar,16 2024 Don't use a Microsoft Account!
Mar,16 2024 This Ghillie Made from MIRRORS is SHOCKINGLY GOOD
Mar,16 2024 How Hackers Deliver Malware to Hack you using Social Media
Mar,15 2024 Call of Duty: Warzone Mobile - Launch Trailer
Mar,14 2024 Intel's 4th Attempt At Beating Ryzen - "New" 6.2GHz Core
Mar,14 2024 Asus Goes Big with Zenfone 11 Ultra
Mar,14 2024 House Passes Bill to Force Sale of TikTok
Mar,14 2024 Motorola Brings More Affordable 5G Phones to its 2024 Lineup
Mar,14 2024 Capristan Swim - Miami Swim Week | Art Basel Miami
Mar,11 2024 The Most Stunning All SSD NAS Ever? Inside QNAP's All-SSD
Mar,11 2024 M2 vs M3 MacBook Air - ULTIMATE Comparison!
Mar,11 2024 Risky PC Experiment: Direct CPU Water-Cooling! Can It Survive?
Mar,11 2024 SpaceX Falcon 9 rocket launches 23 Starlink satellites from
Mar,10 2024 I tried the Cheapest Arduino Alternative (that Nobody heard of)
Mar,10 2024 This is the WEIRDEST PC I've ever seen.
Mar,10 2024 Nvidia Retires GTX 16 Series, GDDR7 Arrives, FSR Upscaling Going AI?
Mar,09 2024 The New BIOS Hack That Bypasses Every Antivirus
Mar,09 2024 Microsoft says it hasn't been able to shake Russian state hackers
>> News Archive <<

TechAmok - Privacy Policy        loading time:0.01secs