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Comment by marcell | Hacker News Reader

https://tether.to/en/transparency/#reports

They claim 85% cash/cash equivalents, 15% less liquid assets. Cash equivalents is broken down also, 55% is Treasury bonds.

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Thats meaningless unless it's an audited by a top 4 firm.

You mean like Earnst & Young who was just fined $100 million for overlooking cheating by their employees on the ETHICS portion of the CPA exam? I agree something is severely broken about Tether, but it’s also clear that auditing firms can be crooked, too. I would not trust an audit to expose Tethers shortcomings. After all, the auditors can only report on the documentation provided to them … they specifically do not determine the legitimacy or validity of the documents provided (iow, false documents are not vetted in any way).

Remember WireCard’s fraud? If not:

https://en.m.wikipedia.org/wiki/Wirecard_scandal

E&Y: https://www.msn.com/en-us/money/markets/ernst-26-young-cheat...

If you’re arguing the auditing firms can be games and Tether can’t seem to pass an audit by them, that seems worse

they have committed to being audited by a Top 12 accounting firm, which is laughable

https://twitter.com/WatcherGuru/status/1538815060298063873

Their audit has been forthcoming for over 5 years at this point. I wouldn't hold my breath.

(Also note that attestation ≠ audit.)

One only needs to look at the "signature" under the attestation doc to know its fraud.

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