Tether Severed Relationship With Audit …

Tether severed relations with auditing firm Friedman LLP

The issuer of USDT Tether cryptocurrency tokens pegged to the US dollar announced the termination of relations with the auditing company Friedman LLP. About This writes CoinDesk with the link to the statements of the company’s press secretary.

Previously, Friedman was engaged in the audit of Tether, which is directly related to the Bitfinex cryptocurrency exchange. Critics of both companies, in particular the Bitfinex blogger&# 039; d continue to insist that Tether prints its tokens without a sufficient reserve in US dollars for this, which violates the company’s own obligations to artificially pump the bitcoin rate. Some believe that without these manipulations, Bitcoin would have already collapsed by 80%..

It is unclear from the letter received by CoinDesk who initiated the breakup.

“We confirm that the relationship with Friedman has ended. The murderously meticulous procedures that Friedman uses to verify Tether’s relatively simple balance sheet indicate that such an audit will not be completed within a reasonable time frame. Since Tether is the first company in this space that intends to go through this procedure and achieve such a level of transparency, there is no precedent that could be guided in the process, or a criterion that could be a measure of success, ”- said the press company secretary, adding that Tether is “tirelessly committed to this process”.

Tether Severed Relationship With Audit ...

Tether and Friedman’s relationship became a topic of discussion on social media this week when users discovered that the name of the cryptocurrency token issuer had disappeared from the auditor’s client list posted on his website..

According to Tether, the company has $ 2.2 billion in its bank account, which corresponds to the volume of USDT tokens in circulation. However, the last audit of the accounts of the company Friedman conducted in September last year, while clarifying that this was only a partial audit, not affecting some aspects of the storage conditions of funds. At that time, Tether’s reserve was $ 442.9 million.

Tether Severed Relationship With Audit ...

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