Tether releases report on its dollar funds
Tether Limited has cooperated with a legal firm Freeh, Sporkin & Sullivan LLP which released a report on the status of the financial possessions of the cryptocurrency company. While this publication is not a full economic audit the skeptics long demanded to see, Freeh, Sporkin & Sullivan (FSS) thinks that in June 1, 2018 the amount of dollar sums of Tether even exceeded the quantity of its cryptocurrency units.
A part of the crypto community that does not trust Tether or Bitfinex (an exchange with close ties to the project) has ridiculed the paper, claiming that it worth nothing because the authors themselves admit that this was not an audit and the status reviewed was only as of 1 June 2018.
Like Tethers, the so-called report is not worth the paper it's not printed on. We were not born yesterday. pic.twitter.com/guPrrt8Znw
— Bitfinex'ed (@Bitfinexed) 20 июня 2018 г.
The whole situation with dollars of Tether has attracted the attention of observers after an interesting scientific work by the University of Texas in Austin created by professor John Griffin and Amin Shams, Ph.D. They believe that the project helped Bitcoin to grow which could be classified as a price manipulation. Currently, the United States Department of Justice is eager to know who manipulates the price of Bitcoin, which only made the matters even more worrisome for the community. One should note that the work of the FSS leaves the period of hypothetical Bitcoin manipulation out of the spotlights, instead focusing on the present amount of dollars.
Image: VideoBlocks