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Consumers’ Research’s Will Hild Puts Spotlight On Non-Audited Tether

Consumers’ Research launched an ad campaign on June 18 targeting Tether, labeling the unaudited blockchain platform as “the next FTX.” The campaign criticizes Tether for operating opaquely, avoiding audits, and evading scrutiny in fraud investigations. A spokesperson from Consumers’ Research emphasized these concerns, directing attention to their website TetheredToCorruption.com.

Tether Accused Of Illicit Crypto Activity By Consumers’ Research, Will Hild

The website highlights multiple allegations against the British Virgin Islands-based company, accusing it of financing illicit crypto activities, supporting organized crime, engaging in money laundering, facilitating terrorist financing, and evading sanctions.

Consumer’s Research Executive Director Will Hild expressed concern, stating, “Given these warning signs, we fear that Tether may very well be the next FTX. Consumers should be cautious of any so-called stablecoin that refuses to provide proper certification of the assets it claims to hold.”

Does Tether Really Have A Sufficient Reserve Of Assets?

The blockchain platform has long been criticized for its lack of transparency, particularly regarding concerns over inadequate asset reserves.

Founded by Brock Pierce, known for his role in “Mighty Ducks,” in 1994, Tether has reportedly never undergone an official audit, which has fueled skepticism among critics of the stablecoin. Pierce is no longer associated with the company.

Instead of full audits, which involve independent third parties reviewing all company records, Tether relies on attestations typically conducted by hired financial firms, under the oversight of the company being examined.

Recently, the crypto company announced record-breaking profits of $4.52 billion for the first quarter of 2024, with its total estimated net worth reaching $11.37 billion.

“Tether once again demonstrates its commitment to transparency, openness, and conservative risk management, maintaining substantial excess reserves and providing disclosures for the Group,” stated CEO Paolo Ardoino.

Despite Tether’s significant inflows, a January 2024 Fortune report indicated it still carried an estimated $5 billion in total debt.

When questioned by DL News about the absence of a formal audit on the blockchain platform, Ardoino cited concerns that “none of the big four” accounting firms were willing to conduct one due to potential risks to their reputations.

The potential discovery that Tether lacks the assets it claims would lead to a devastating period of losses not only for Tether but also for the entire digital asset industry.

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