Reading Time: 2 minutes
- Tether has accused the Wall Street Journal of peddling disinformation in a recently available article
- The outlet centered on having less a complete audit by Tether, regardless of the recent cope with BDO
- Tether argued several points, but didn’t address the audit issue
Tether has taken care of immediately criticism from the Wall Street Journal over its insufficient a complete independent audit by stating that the outlet is peddling unsubstantiated conclusions. Tether announced recently that it has had on accounting firm BDO to attempt monthly attestations over its backing, however the lack of a complete audit continues to be cause for concern among many, like the Wall Street Journal, which on Saturday cited numerous sources who said that the attestations werent around the typical demanded by many in the area.
Wall Street Journal Zeroes in on Audit Issue
Tether has been under great pressure to get a full, independent audit of its finances since its huge growth in 2017, to which it responded (at the request of the brand new York Attorney General) with quarterly breakdowns of its reserves.
However, the Wall Street Journal cited several people, including John Reed Stark, former head of internet enforcement at the Securities and Exchange Commission (SEC), as saying these reports usually do not provide enough transparency.
Tether Hits Back
Tether hit back at the claims, saying that the piece was another exemplory case of false informationbeing weaponized to cause harm around the world, and stating that it had a duty to clarify the reality for readers.
Tether began by reinforcing the truth that BDO had not been its accounting firm since it said the Wall Street Journal had suggested, before setting the outlet straight on a great many other issues:
- U.S. Treasuries have already been the premier safe asset worldwide for days gone by several decades therefore carrying a three month supply isn’t unsafe
- Assumptions that Tether is unprofitable are false
- Concentrating on Tether of all stablecoins is further proof plans by the publication to hurt Tether
- Tethers disclosures will be the most honest and transparent on the market
- The theory that it’s potentially profitable to short Tether represents a simple misunderstanding of both cryptocurrency market and Tether
Tether concluded by saying that it hasn’t missed a redemption, but notably steered free from answering the central question posed by the piece wen audit?