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.
Tether is a red flag, and countless pieces of evidence support that, including the questionable identities of its execs, hiding vital information, and ongoing probes tied to its dishonesty.
Tether claims it has sufficient reserves to back the more than $65 billion worth of USDT stablecoin out in the market, but a recently published WSJ report shows the statement to be sketchy.
The FTX meltdown revived the 2011 crackdown on the online gambling industry, where 11 high-stakes individuals and poker players from PokerStars, Full Tilt Poker, and Absolute Poker were indicted.
The fact that billions in fresh capital allegedly continue to pour into Tether’s coffers despite the looming threat of more legal action will only fuel skepticism surrounding the existence of the fiscal reserves backing USDT.