Krutika Adani
A shocking report has emerged on Tether, alleging financial irregularities in the dollar reserves of the USDT stablecoin.
Consumers’ Research alleges that Tether has never shared a full audit report of its reserves and alleges that all past reports are partial.
The group went ahead and even compared Tether with FTX and its allied Alameda research, citing a similar lack of transparency.
Recently, Tether has hired Chainlinks ex-Chief Economist Philip Gradwell to help it with proof of reserves. Current monthly proofs of reserves are issued via BDO Italia.
The stablecoin issuer has also collaborated with several law enforcement authorities worldwide to improve transparency and prevent any illegal use of its technology.