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Comment by evdubs | Hacker News Reader

> I have no doubt they have some reserves now, but do they have $182 billiom USD, really?

This is literally what the attestations and audits are for. BDO and KPMG both have issued opinions saying yes, they do have all the money they claim to have.

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You mean this KPMG?

https://www.frc.org.uk/news-and-events/news/2022/05/sanction...

https://www.bbc.co.uk/news/articles/c8znzxe5ewxo

And this BDO?

https://www.frc.org.uk/news-and-events/news/2025/11/frc-impo...

This sort of audit is pay to play and the customer has a heavy influence. I'm sorry but given they were caught lying before I don't trust the Tether people. But if you trust them and these auditors, great, you can hold Tether and be sanguine that KPMG will protect you.

Just like that EY [1], that Deloitte [2], and that PwC [3]. Yes, all of these major auditors with hundreds of thousands of employees each and probably-similar-in-magnitude clients have been sanctioned by the FRC. It's great that there is a competent regulator that can enforce regulations against all of the top accounting networks. For Tether, there are two independent auditors: BDO and KPMG. If two large auditors who take their reputation seriously both come to the conclusion that Tether has the money (and has had the money), you are just burying your head in the sand thinking everyone is committing fraud.

[1] https://www.frc.org.uk/news-and-events/news/2025/04/sanction...

[2] https://www.frc.org.uk/news-and-events/news/2026/10/sanction...

[3] https://www.frc.org.uk/news-and-events/news/2026/07/sanction...

Yes all these auditing companies accept money to say that another company is doing just fine and ticks all the boxes and has assets etc. They all often lie, in small ways and large. I'm not sure why you think proving all are untrustworthy means some are trustworthy?

We'll see whether Tether has the assets they claim when the next crypto winter comes. Till then I think we'll have to agree to disagree.

Hardly anyone actually uses crypto anymore, silly ideas like NFT, rewiring the financial system, asset tracking and apps on the blockchain have died, and all that is left are the last bag-holders, fraud and extra-legal financial transactions.

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