0.3% fall in assets "could render Tether technically insolvent" — WSJ
Wall Street Journal's Jean Eaglesham and Vicky Ge Huang suggested that such a “thin cushion of equity” could cause mayhem in the market if Tether’s liabilities were to outweigh its assets. An article in the Wall Street Journal (WSJ) has claimed that Tether’s balance sheet is in a position that even a 0.3% drop in value of its reserve assets could “render Tether technically insolvent.”In an Aug. 27 report, WSJ journalists Jean Eaglesham and Vicky Ge Huang focused on the cloudy nature of Tether’s USDT reserves and its long-awaited audit that has been in the works since 2017. Eaglesham and....
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Tether Limited has released an assurance report reviewed by Moore Cayman, an auditor of investment funds and digital assets. The report provides a breakdown of the company’s assets and reserves which Moore Cayman claims are around $62.7 billion as of June 30. Tether Publishes Assurance Report On August 9, 2021, Tether’s chief technology officer tweeted that the company had published the firm’s “latest attestation” and a detailed “breakdown of reserves.” “Guess what? Tether is fully backed,” Tether’s CTO Paolo Ardoino said.....
The Bitcoin community has always speculated that Mt. Gox was insolvent before its collapse in early 2014. A new study done by WizSec now confirms this speculation. The study reports that MtGox was insolvent long before it collapsed, with thieves were routinely stealing bitcoin from the exchange’s reserves. The WizSec study also confirms that the majority of the missing Gox bitcoin was stolen by someone on the inside — echoing a report from The Yomiuri Shimbun that the coins were lost due to fraud rather than an external hack. The report cited sources at the Japanese Metropolitan Police....
Per a press release, the U.S. Commodity Futures Trading Commission (CFTC) has disclosed that their review on Tether Holding Limited and other associated companies has concluded. As a result, Tether has agreed to pay a $41 million fine. Related Reading | Breaking: Tether Executives Could Face Criminal Probe for Alleged Fraud The Commission concluded that Tether […]