Tether offered a preliminary report last year from Friedman, the accounting firm, suggesting that it had bank accounts with dollars corresponding to all the Tether that had been issued. But the report was far from conclusive and Tether has never produced a real audit, leading to suspicions that Bitfinex may be printing virtual money backed by nothing.
Off to the Yukon!!! We don't need no damn gummint!!!
"Greater assurances are needed that the trades taking place are in fact legitimate and reflect buying and selling by independent actors," said Mr. Moore, an assistant professor at the University of Tulsa. "Unless and until such oversight is implemented, we cannot trust the exchange rate to reflect only legitimate sources of supply and demand."
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