Tether noted that it prepared its reserves report "using the recognition and measurement principles" of the IFRS without making sufficient disclosures to actually comply with the IFRS.
Tether's audit report claims its reserves have ballooned by $7.1 billion from what was registered in Q1, but its real cash on hand paints a different picture, with figures said to be plummeting fast.
Tether claims to have made nearly $1.5 billion in ‘net profit’ according to the latest Not An Audit™ by the company behind crypto’s most notorious stablecoin.
