Tether is fast approaching a market cap of $120 billion after adding $115 billion since just over four years ago in March 2020. This is despite the fact that 5 years after it launched it was still just a little over $4 billion. It’s currently now sitting the third largest crypto by market cap in the world according to CMC, ranking ahead of every other crypto in the world by market cap apart from Ethereum and Bitcoin.
Over the years many critics including those in the crypto community have suggested it’s vastly manipulated.
From 2014 to 2017, Tether didn’t publish reports on reserves however after 2022, Tether has published quarterly attestations. Attestation are different from an audit. An audit asks a firm to conduct an independent analysis of a business and its practices where with an attestation Tether provides the accounting firm with documentation and the scope of the accounting firm’s financial review. In addition Tether have also admitted that the big four audit firms won’t touch them.
All Tether needs to do is have a proper/ full financial audit by a major name to silence the cynics and critics… yet they can’t do it.
The question at what point will the majority of the crypto community finally lose patience with Tether, call it out and disown/ outcast it one and for all?
submitted by /u/jam-hay
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