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   597

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.

Huobi & OKEx to List USDT-TRON

Both exchanges note that the listing of a new token is due to the desire to provide users with access to a variety of stablecoins
22 March 2019   100

Huobi Global and OKEx in two separate statements announced their intention to support the USDT, which is preparing to be launched on the Tron blockchain in the second quarter.

At the beginning of the month, Tron and Tether announced a partnership aimed at launching USDT in the TRC-20 format, which complies with the technical standard of the Tron blockchain. The new token is intended for use in all decentralized applications in the Tron ecosystem and is designed to increase its liquidity.

Huobi Global and OKEx note that the listing of a new token is due to the desire to provide users with access to a variety of stablecoins. Both exchanges will support USDT in three formats: on the Bitcoin blockchain via the Omni protocol, on the Ethereum blockchain in the ERC-20 format and on the Tron blockchain.