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The $1,8B of Tether funds are under question again

Denis Goncharenko

18-10-2018 11:58:00  |   Investments
According to the latest CryptoSlate study, there are certain doubts about the Tether fiat funds and their existence. Earlier this year, the representatives of Tether Ltd presented a confirmation that the company had a registered account in the Bahamian Deltec bank. The document is to serve as a proof that the named account contains more than $1.8 billion — a claim that the company’s stablecoin is backed up by U.S. dollars.

However, the sceptics didn’t put any trust in this document, because it doesn’t contain the names of bank representatives, there are no any stamps or other evidence of cooperation. Bloomberg reports that the Bahamian Deltec bank representatives didn’t provide any comments on this letter as well as didn’t confirm or deny the availability of funds in the Tether Ltd account.

More than that, the deposit which Tether claims to have made, is not reflected in the economic reports of the Government of the Bahamas. The amount of the indicated deposit is really solid, and it would show the remarkable effect on the reporting data. Later, Twitter users have studied the movement of funds in and out of the national banks of the Bahamas and found the operations about $1.6 billion in July 2018. Such movements might indicate the inflow of capital and a quick withdrawal — to use the ledgers as an evidence later on.

CryptoSlate didn’t make any accusations. However, the research, as well as the dubious evidence received from Tether, does not bring any clarity to the situation regarding the funds’ availability and makes it even more complicated.

Image courtesy of Fniblockchain.com

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