The US consumer protection group has warned of transparency issues with Tether reserves
2024-09-12 22:33:31
United States consumer protection organization consumers ' research 12desk3cryptocurrencydesktopCrypto News
Consumers' Research, a US consumer advocacy group, issued a report on September 12 warning stablecoin issuer Tether of problems with the transparency of its dollar reserves. The group pointed out that Tether has not yet provided a full audit by a well-known accounting firm, despite repeated promises to do so. They also compared this lack of transparency to the situation before the collapse of FTX and issued an open letter to US governors highlighting the latent risks of Tether.
At the same time, Tether has responded positively to outside questions, hiring former Chainalysis chief economist Philip Gradwell in July to provide a report on the use of USDT, and announced in August to assist law enforcement in recovering $108.80 million USDT related to illegal activities.
At the same time, Tether has responded positively to outside questions, hiring former Chainalysis chief economist Philip Gradwell in July to provide a report on the use of USDT, and announced in August to assist law enforcement in recovering $108.80 million USDT related to illegal activities.
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