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   711

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

Third-Party Audit Finally conducted by Tether

All the allegations stating claiming that Tether has “unencumbered assets exceed the balance of fully-backed USD Tethers” are cleared by the report
21 June 2018   153

After recently conducting an audit, Tether declared, that a law firm had confirmed that, as of 1st June, the company has more than bountiful amount of USD for the circulating USDT tokens. Tether was supported by the services of Washington-based law company Freeh Sporkin & Sullivan LLP (FSS) to revise bank account documents and to randomly inspect circulating Tethers and corresponding USD reserves.

Tether on their Twitter
Tether on their Twitter

As for  the firm’s credit, it was founded by 3 former federal judges. Earlier this year Tether involved Freeh, Sporkin & Sullivan LLP to survey bank account documentation and to perform an inspection of the numbers of Tethers in circulation & the corresponding currency reserves.

The law company also declared Tether’s compliance to AML standards, paperwork towards to personnel and corporate structure, and historical records about the amount of issued and outstanding Tethers, along with a variety of other documents. Tether’s problem began as the company parted its ways with its previous auditing partner Friedman LLP in late January. Even after facing a massive backlash the firm did not hire any third-party to go through its books. Because of the firm’s ties with the crypto exchange Bitfinex, it faced many allegations for the Bitcoin price manipulation. 

On June 13th, two researchers at the University of Texas at Austin issued a report called “Is Bitcoin Really Un-Tethered?” in that they stated to have found fresh evidence of Tether’s market manipulation tactics of Bitcoin and other major altcoins by flooding the market with USDT. Tether in their recent transparency update, admitted the scrutiny and affirmed that “much of the speculation and negative reporting” was due to “misunderstandings” of the firm’s business model.