Tether disables new signups due to building a new platform

Tether is building a new platform and will be phasing out and discontinuing the current wallet services, all old addresses and disabling new signups on the platform
21 December 2017   1126

We have reported that on November 19 over $30M were stolen from Tether. Tether team has stated that they have been very cautious about providing updates prematurely regarding the November security breach, but finally the improvement time has come. In the light of past events Tether has decided to build a new platform.

Tether is not the only service which stopped users registration, the new users of Bitfinex exchange now need the “invitation code” to register, which is nearly impossible to receive. Bittrex decided not to bother itself with “invitation codes” and just stopped new users' registration.

At the moment of press, these are main market parameters of Tether:

  • Average price: $1,01
  • Marketcap: $1 176 952 76
  • 24h volume: $2 952 560 000

Tether to Have Account at Bahamas

Tether reported on cooperation with Deltec Bank at Bahamas
02 November 2018   220

The issuer of the USDT, Tether Limited officially confirmed its cooperation with Deltec Bank, a small financial institution from the Bahamas. The company also submitted a letter, on the basis of which it has sufficient funds to ensure the total volume of issued USDT tokens.

Tether Limited is pleased to confirm that it has established a banking relationship with Deltec Bank & Trust Limited (“Deltec”), a 72-year-old financial institution with headquarters in the Commonwealth of The Bahamas.

Tether Team

It is also noted that Tether Limited was accepted as a Deltec client after full company check. Allegedly, it includes an analysis of processes, policies and legal compliance, a complete check of information about shareholders, final beneficiaries and managers of Tether Limited, as well as an assessment of the company's ability to maintain a binding to the US dollar at any time and its reserve management.

This process of due diligence, was conducted over a period of several months and garnered positive results, which led to the opening of our bank account with this institution. Deltec reviews our company on an ongoing basis.

Tether Team

Tether also states that the company is registered with the Financial Crimes Enforcement Network (FinCEN) and the US Department of the Treasury and adheres to the highest standards in anti-money laundering and terrorist financing procedures.

The message is accompanied by a reference to a letter from Deltec Bank, which states that at the end of the business day on October 31, 2018, the Tether account had a cash value of $ 1,831,322,828.

Thus, based on this letter and taking into account the current capitalization of USDT ($ 1.772 billion), Tether really has sufficient funds to ensure the total volume of issued tokens. The question of whether they were provided at all stages of the company, remains, however, open.

It also draws attention to the fact that in the letter, contrary to the accepted practice, there is no signature of any official of the bank.