Tether Confirms Its Relationship Using Auditor Has 'Dissolved'

The company remains “committed to this procedure,” the spokesperson added.

Picture via Shutterstock.
Eagle-eyed cryptocurrency fans on Twitter had raised doubts regarding the relationship’s status a week, also noting that Friedman had dropped the name of Bitfinex in the list of clients on the website of the audit firm. Friedman didn’t return calls and mails within the span of this week from CoinDesk.

Friedman had been working on an audit of Tether, which includes close ties. Critics of the 2 businesses, most prominently the blogger who goes by the handle Bitfinex’d, have promised that Tether had been printing tokens to push up bitcoin’s price .
“We confirm that the relationship with Friedman continues to be excavated.   Considering that the excruciatingly detailed procedures Friedman was job for the relatively straightforward balance sheet of Tetherand it became evident that an audit could be informative in a reasonable time frame. Since Tether is the first company in the space to undergo this procedure and pursue this level of transparency, there isn’t any precedent place to guide the procedure nor any benchmark from which to measure its own achievement.”

It’s not apparent in the emailed statement who broke up with whom of the spokesperson. The announcement reads:

At a preliminary report released in September, Friedman stated Tether had $442.9 million of cash on book, fitting the excellent issuance of USDT — however that appraisal was not a full audit and contained numerous caveats.

Tether, the issuer of this dollar-pegged cryptocurrency USDT, stated its relationship with audit company Friedman LLP has finished.

The announcement, provided by a company spokesperson to CoinDesk, is likely to raise new questions about the finances of the company and confirms the suspicions of internet sleuths.
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Released at Sat, 27 Jan 2018 23:43:00 +0000