Tether has said an audit of its finances, meant to assure of its stability, could still be months off, according to Chief Technology Officer Paolo Ardoino.
Without the basic financial guardrails in place to help protect the funds, crypto companies are having issues showing investors their money is safe, The Wall Street Journal reporte
Crypto firms don’t always publish financial statements and many don’t have anyone checking their books — so even when they’re audited, there’s no agreed standards for the
One such case is Tether, which rolled out an array of blogs and press releases to promote its transparency in the wake of numerous crypto firm failures earlier in the year.
The company has faced questions before about whether its revenues are sufficient enough, and the Journal noted that Tether has been promising an audit since 2017.
Tether’s practice thus far has been to publish an “attestation” that shows a snapshot of its reserves and liabilities, signed off by an accounting firm.
However, audits are usually more thorough, and some crypto companies’ attestations sign off on the numbers provided for specific dates and time
Tether had recently hired auditing firm BDO Italia to help it provide monthly reports on its reserves, PYMNTS wrote.Tether had recently hired auditing firm BDO Italia to help it pr
But there are still questions about whether that was a good enough step to help soothe concerns that had investors dropping $10 billion worth earlier in the yearBut there are still
Tether then saw its market capitalization falling from $83 billion to around $66 billion, though Circle and Coinbase’s USD Coin saw its value grow to $65 billion.Tether then saw