USDT issuer, Tether announced the termination of partnership with the audit company Friedman LLP. This is reported by CoinDesk.
The Friedman LLP company audited Tether tokens, which are represented on the large Bitfinex exchange. In the opinion of many critics, Tether issues not backed tokens in large amount. Bitfinex'd blogger is convinced that the excessive emission of such tokens caused a recent sharp surge in the price of bitcoin and other crypto-currencies, which was later replaced by a sharp dump in early 2018.
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 last time the audit of Tether accounts was conducted by Friedman in September last year. As indicated in the preliminary report, the reserve of the tokens USDT was $ 442.9 million in the denominated currency.