Tether USDt

The consumer advocacy group Consumers’ Research has recently sounded the alarm on Tether, issuer of the USDT stablecoin. This <a href="https://tetherwarning.com/" rel="noopener noreferrer nofollow">warning</a> is due to the lack of transparency in Tether and the inability of the company to perform an audit of its USD backing.The group indicated that ut to date, Tether has consistently had been issuing promises of an audit since 2017 but had not delivered a credible one. Tether, despite being one of the biggest stablecoins, still has not been able to provide evidence that USDT is fully backed by USD.<h2 id="header-0">History of Unfulfilled Promises and Legal Scrutiny</h2>The given report outlines a concerning tendency of <a href="https://cryptotale.org/tether-assists-law-agencies-recover-108-8m-in-illicit-usdt/" rel="noopener noreferrer nofollow">Tether’s</a> inability to prove the existence of USD backing through the independent audit. In 2018, Tether offered a report by a law firm, not an accounting firm, in which it stated that each of its USDT were fully backed by USD. This drew investigations by the U.S. Department of Justice towards ascertaining whether Tether and Bitfinex manipulated the cryptocurrency market.Still, in the year 2019 the State of New York discovered that Tether operated and transferred its funds to hide a loss of $850 million. Crimes like these led to a settlement in 2021 where Tether compensated New York $18.5 million and shut down its operation. In 2022, the SEC disclosed that Tether&#39;s auditor had misused its accounting. This worsened the situation. The SEC argued that Tether’s claims about its USD reserves were misleading.<a href="https://cryptotale.org/consumer-watchdog-group-warns-of-tethers-transparency-issue/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Consumer Watchdog Group Warns of Tether’s Transparency Issue

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