This shouldn't be news, let alone "breaking". Just have the audit already. The next thing I want to see is an Auditor's Report not another announcement. You don't see any companies that are audited announce their audit in the news. They just post the auditor's report and the statement on their "Investor's Relations" webpage. This is what Tether should do.
Ahh, that news announcement was BEFORE they fired their last auditor. Imagine that! "We don't like what you're going to publish about us, so we are firing you." Then it turned into... "Well, we just can't find a person to do us a reliable and satisfactory audit to our liking... we we'd like to get this out of the way, but it's too hard!"
Funny thing they claimed earlier this year that they hired BDO Italy (very reputable firm) to perform audit. Almost 6 months into it, and no audit just as I suspected. USDT is backed by absolutely nothing. as far as commercial paper they liquidated, it is very easy to liquidate something you never had to begin with
So they are right about the fact that they don't lose value due to inflation. If there is nothing it will beat any inflation hands down. ROFLMAO. I never understood how people always believe what crypto's tell.
I have no interest in this, but why the strong conviction that tether is fraud? They run over 50bn, just in fees and in low yielding safe investment they would have made lots of money, without stealing or printing out of nothing in central bank style. It would be really stupid to run a scam this big and thinking to get away. Are they so stupid? Worst than SBF and Caroline?
I'll tell you something that I've been through.I had a client who had a few discount stores. Several times he went bankrupt and started again. Each time he made a lot of money by taking the incoming (black) money, but he never paid for the goods he received. After several bankruptcies, he came to me and said, "I have a real problem now. I can't go bankrupt again." The problem was that the shops were doing so well that he was officially making a lot of money. It was more profitable to run the stores than to go bankrupt. Later he sold his shops for a lot of money.Guess what happened next... the new owner went bankrupt and my client bought back the rest. So maybe the initial idea was that tether would be a scam. And as things went very well they continued it and changed their initial idea.
good story but not applicable here. That person bought merchandise and kept it, then went bankrupt. are we to believe that some large organisations sending BitFinex billions and then using USDT to buy BTC, instead of just buying BTC USDT was created like 7-8 years back, plenty of time to issue an audit. they were also caught lying by Bloomberg about commercial paper holdings. they are the world biggest financial fraud
You missed my point. People can start "something" with a certain idea in mind. But because of circumstances they can change their initial idea and do something else. FTX did not buy merchandise either, but they went bankrupt with the same result. Both wanted to make money. PS: it is not a "story". It happened in reality. For stories you should follow Baron.