Federal Investigators Probe Cryptocurrency Tether (www.msn.com)

submitted 1 week ago by Wronnay@lemmy.ml to c/crypto@lemmy.ml

3 comments fedilink hide all child comments

top 3 comments

sorted by: hot top controversial new old

[-] dhork@lemmy.world 2 points 1 week ago* (last edited 1 week ago)

Good. Tether has always been a scammy scam. There are currently 120 billion dollars worth of tether outstanding, which they claim is fully backed by dollars somewhere, but they haven't been audited by anyone reputable. You would think that if they really had a bank account worth $120 billion, it could be proven rather easily.

[-] sun_is_ra@sh.itjust.works 2 points 1 week ago

From what I ubderstood, it doesnt has to be in cash or it would have been so simple as you said. The money can be in form of bonds, properties, stock shares, ...

same thing for banks, they dont have all customers' money in cash.

that said I agree that people behind tether are shady and lack of serious auditing is very concerning

[-] dhork@lemmy.world 2 points 1 week ago* (last edited 1 week ago)

They're not a bank, though. Banks are regulated in terms of what assets they keep, and where. We only have Tether's word.

https://tether.to/en/transparency/?tab=reports

They claim that 84% of their reserves are held as cash or cash equivalent, with 81% of that in US Treasury notes. Then why do they use some obscure Italian accountant to attest to that? They ought to be able to get a big name firm to attest to having $100 billion in US treasuries.

They also claim to hold 5% of their reserves in Bitcoin, which is 5% too much.

this post was submitted on 26 Oct 2024

15 points (100.0% liked)

cryptocurrency

2581 readers

9 users here now

The largest cryptocurrency community on the Fediverse!

Lemmy community dedicated to cryptocurrency news, technicals, education, memes and so more!

💬 Chat on Community Improvements and Development

Community Knowledge Base:

Be nice, have fun.

Community rules:

No Spam
No ads
No aggressive coin promotion or attacks on others
No ICOs / IEOs / STOs / token (pre)sales / scam schemes promotion
No trading/buying crypto discussions
No promotion of trading groups, courses, signal groups, or other trade groups
No pumping and shilling
No casinos, giveaways, faucets, begging
No price speculation posts
No trolling

General lemmy.ml instance rules applicable here too.

Ugly brother of this community: bωockchain

For a community devoted to cryptography itself, visit c/cryptography

founded 5 years ago

MODERATORS

tracyspcy@lemmy.ml

mlsuyt@lemmy.ml