Legal company Freeh Sporkin & Sullivan, LLP (FSS) reported that, although not conducted a formal audit of the company’s Tether, however, had access to her Bank accounts in two banks in a few weeks and can confirm that on June 1, the balance of the Issuer USDT was about $2.55 billion
The audit was conducted without notice to Tether on the appointed date, and the company’s experts also held a series of meetings and conversations with representatives of the project and the banks and examined a considerable volume of documents.
However, the results of the work of the FSS should not be equated with the audit report or safeguards ensure licenzirovanie $ USDT, as the assessment for the periods before and after June 1, was conducted.
The main legal adviser of the Tether Stuart Hohner (Stuart Hoegner) stated that to conduct an audit of all the rules for the company, as with other cryptocurrency projects, it is impossible because of any insuperable “barriers”: the weak knowledge of the auditors in the subject of crypto-currencies, outdated accounting standards, etc.
We will remind, a week ago researchers from the Department of Finance the University of Texas published a paper on the impact licenzirovanie USDT dollar to bitcoin exchange rate in 2017, and came to the conclusion that the Issuer of the token was manipulated bitcoin market. Earlier Tether was criticized for the termination of cooperation with the new York auditor before the release of the results of the official checks. And in late may the company issued 250 million USDT, bringing the total amount of tokens to 2.5 billion units.