Audit of Tether shows 100% backed USDT

[Kloppos]

https://tether.to/wp-content/uploads/2018/06/FSS1JUN18-Account-Snapshot-Statement-final-15JUN18.pdf

Surprisingly for a lot of us regarding FSS 100% of USDT are backed with real USD on bank accounts (checked on 1st june). So it will be interesting to see how this impact the market as it was a quite wide spread fear that USDT were not backed 100% due to their failed audits.

 

[princesultan]

it's not an audit...

[Kloppos]

23 minutes ago, princesultan said:

it's not an audit...

Yeah not per se, but how do call that then? (so i can correct the title ^^)

[Guest]

Good news if its verified. 

[Void-Induction]

It's been backed the whole time

[PG1]

Many will complain that this was not an actual audit.  I'm sure no auditor wants to be liable.

But it is still reassuring that they had access to the capital requirements at least as recently as June 1.  I see this a very positive.

[Palerider]

1 hour ago, PG1 said:

Many will complain that this was not an actual audit.  I'm sure no auditor wants to be liable.

But it is still reassuring that they had access to the capital requirements at least as recently as June 1.  I see this a very positive.

Agreed. If we can clear this Tether issue it would be good for the entire market. There are also a number of other Thether-like coins coming out which I think is also very good for the entire market. 

[GiddyUp]

This was posted in "The Zerpening", then it all went to titties lol - reminds me why I don't often venture there 

https://www.ccn.com/bitcoin-price-eyes-comeback-as-250-million-new-tethers-enter-circulation/ 

ALTCOIN NEWS JUNE 25, 2018 18:11

"Bitcoin Price Eyes Comeback as 250 Million New Tethers Enter Circulation"

"Blockchain data indicates that Tether, the creator of cryptocurrency “stablecoin” USDT (colloquially called tether), issued 250 million new tokens this morning, June 25."

 

- It should be noted that Tether represents almost quarter of XRP volume most days (has been up to 33% some days, I've noticed), at least on "Cryptocompare".

https://www.cryptocompare.com/coins/xrp/analysis/USDT

https://www.cryptocompare.com/coins/xrp/analysis/USDT

[xrpzilla]

On 6/20/2018 at 1:33 PM, Kloppos said:

https://tether.to/wp-content/uploads/2018/06/FSS1JUN18-Account-Snapshot-Statement-final-15JUN18.pdf

Surprisingly for a lot of us regarding FSS 100% of USDT are backed with real USD on bank accounts (checked on 1st june). So it will be interesting to see how this impact the market as it was a quite wide spread fear that USDT were not backed 100% due to their failed audits.

 

Sadly, the red flags are not only still present but they've multiplied. Ignorance was blissful.

Here's a tweet thread that helps link together some puzzle pieces:
 

 

 

[Guest]

not only that (above post, great stuff) but in some ways, this whole audit and questioning whether Tethers are in fact backed by real USD, is a kind of red herring if only in the sense that the real problem might be not whether they are BACKED, but WHO is using these tokens and for what purpose - there is ZERO transparency!

it all completely STINKS of money laundering... it is the perfect, i mean PERFECT, system for money washing for... well, anyone from russian state-mafia to colombian drug cartels to tax dodging billionaires to human traffickers... oh, surely no, this can't be going on inside crypto?! of COURSE it is... now maybe -- MAYBE -- they are using tether and maybe they arent... but for god's sake, this is why we need some bloody transparency, this is getting totally ridiculous

where is this money coming from... totally legit institutional purchases?! FINE! then let's see the trail... the whole thing STINKS, even IF they are 100% backed by USD or gold bullion in a swiss vault -- make ZERO difference, money laundry works as long as you can OBSCURE the trail, which is EXACTLY what tether are doing

in a way, this is why bitfinex'd et al on twitter **** me off -- theyre only talking one angle... the real issue in crypto is MONEY WASHING, period -- that's basically the real true purpose of these altcoins and forks ; it's all a ruse to hide the source of funds... the rest (spoofing, insider trading, pyramid schemes, thefts, hacks, etc) almost pale in comparison...

think about that!