Will Tether Collapse Next?
Channel: Radix Report
Date: 13/11/2022

In recent months we have seen wave after wave of crypto collapses, from LUNA to Celsius, to FTX and BlockFi. Will Tether, a so-called "stablecoin" be the next meltdown? Could this be ten times bigger than the FTX crash?  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. 

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 times, without testing transactions before or after — making some attestations more positive than the reality of the situation.

Sources:
https://www.cnbc.com/2022/11/11/crypto-peaked-in-nov-2021-investors-lost-more-than-2-trillion-since.html
https://twitter.com/coffeebreak_YT/status/1590883436461715457
https://twitter.com/lookonchain/status/1591052407823560705
https://twitter.com/danny_mx/status/1590429329942802432
https://twitter.com/Bitfinexed/status/1591500300472717312
https://www.pymnts.com/cryptocurrency/2022/tether-audit-promised-for-5-years-still-months-away-cto-says/amp/
https://www.coindesk.com/policy/2022/10/31/us-tether-bank-fraud-investigation-changes-hands-within-the-doj-report/
https://www.wsj.com/articles/what-we-knowand-dont-knowabout-tethers-books-11668119916?st=tku25tnz38pmzsu&reflink=share_mobilewebshare
https://www.coindesk.com/markets/2022/11/10/tethers-usdt-stablecoin-slips-from-1-peg/
https://nypost.com/2022/11/09/drowning-death-of-crypto-visionary-fuels-conspiracy-theories/

Main Channel:
https://youtube.com/c/radixverum

Disclaimer: This is not financial advice. 

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