Tether Terminated Cooperation With Friedman LLP

Friedman LLP was the auditor company of Tether's funds
29 January 2018   280

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.
 

Tether Statement

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.

Tether to Issue 250M USDT Tokens

After the new issue, the total number of issued tokens USDT reached 250 billion
21 May 2018   113

Tether conducted an additional issue, releasing 250 million new USDT tokens This is reported by CoinTelegraph.

USDT are the so-called Stable Coin (stable currency) - tokenized dollars, secured, as the company claims, by the national currency of the United States.

This is the second large USDT issue in recent months - in March the company issued 300 million coins.

After the new issue, the total number of issued tokens USDT reached 250 billion, the cryptocurrency community still doubts that all these coins are really provided with US dollars.

One of the critics of Tether is the anonymous blogger, Bitfinex'ED, who in March 2018 revealed a link between the release of new Tether coins and the rising prices for bitcoin and Ethereum. After the current release of new USDT tokens, the rate of bitcoin for an hour increased by about $ 120, and Ethereum - by $ 10.

Earlier, the Bitfinex exchange in Hong Kong, which is known to have close ties to Tether, threatened Bitfinex'ED with a lawsuit. However, since the audit of the company was not conducted, the reliability of the ratio 1 USDT to $ 1 is still not proven.