Tether “Audit”: Someone has money somewhere to use for something

Tether, being frequently questioned regarding their transparency and lack of audit, have proudly published a link to something called “Final Tether Consulting report” by Friedman LLP:

Friedman LLP has provided an important memorandum on current and historical Tether balances. Always full reserves.https://t.co/LKCAtDJi51 — Tether (@Tether_to) September 30, 2017

…but it’s not an audit and leaves more questions than it answers.

The question it answers is – is there money on Tether’s account?

The answer is yes.

Questions that remain unanswered, however, are:

where do they bank? (bank names blacked out);

are they in compliance with regulations? (the reporting agency clearly states they have not evaluated legality of any operations);

whose bank account is that? (some trust fund that Tether may not even have access to, Tether can’t bank in the US);

what is the purpose of the funds on the account (FLLP says they do not know if these are for token redemptions or for something else).

Currently the presented internal document is not really comforting anyone except people who have not read it. If you wish to read a thorough investigation of Tether’s activities we recommend checking out the Bitfinex’ed blog.

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