Tether [USDT] recruits ex- FBI Director’s Law Firm to the Vet Finances

Tether [USDT] Ltd., has declared that the FBI director, Louis Freech, established law firm has confirmed its bank deposit amount. The total deposit amount sums up to $2.55 billion. The motive behind this declaration is that the company wants to reach out to the investors assuring that US dollar backs its cryptocurrency. Currently, Tether [USDT] cryptocurrency is on the rise in the crypto market and it has recently overtaken virtual currencies like Dash [DASH] and Monero [XMR].

No official auditing has been conducted by Freech Sporkin & Sullivan LLP. However, the law firm could access two bank accounts of Tether [USDT] for few weeks. In an interview, the general counsel of Tether [USDT] mentioned about a data release. The data released shed light on the amount the company possessed on 1st June, 2018.

See also: Ethereum Classic [ETC] and Tether [USDT] Trading Pairs Go Live on Binance

This amount is almost equal to the total valuation of the Tether [USDT] crypto coins in circulation. The amount is confirmed by the Tether [USDT] executive officers who interacted with the law firm which is $2.54 billion. The numbers need to be close since the design of Tether [USDT] is meant for the 1-for-1 substitution with U.S. dollars. This serves as an appropriate way for the crypto traders to shift to a virtual currency that is stable in the market.

The opinions

The general counsel of Tether [USDT], Stuart Hoegner in a telephonic interview stated, “The bottom line is an audit cannot be obtained.” The crypto market is too new to make the massive accounting firms pay attention to the clients offering digital currencies

He further commented, “The big four firms are anathema to that level of risk.” In the interview, he also stated, “We’ve gone for what we think is the next best thing.”

According to the firm’s released report on Wednesday, 1^st June, 2018 is selected by FSS for analysing without knowledge on Tether [USDT]. Online access was provided to the bank accounts of Tether [USDT] along with employees and statements. However, Hoegner mentioned that he would not be able to specify the bank names due to privacy issues. He commented, “Banking relationships are private.”

Tether [USDT] helps to bind the two distinct domain of cryptocurrency with the world, in general. Due to illegal activities like money laundering, most of the banks maintain clarity of business. This suggests that Tether [USDT] cryptocurrency provides stable value as a substitute for dollar. This happens when it becomes difficult to get bank accounts.

JL van der Velde, Tether [USDT] CEO disagrees with the fact that manipulation takes place. In an email, he informed, “Despite speculation, we have consistently stated that Tether is backed by USD reserves at or exceeding the Tethers in circulation at a given moment, and we’re glad to have independent verification of this to answer some of the questions posed by the public.”

The law firm in its findings stated, “FSS is not an accounting firm and did not perform the above review and confirmations using Generally Accepted Accounting Principles.” As per the report, “FSS has not performed any procedures or made any conclusions for activity prior to or subsequent to June 1st, 2018, Close of Business.” The firm further mentioned, “FSS has assumed, without further inquiry, that the bank personnel providing the confirmations were duly authorized to provide such confirmations, and that the confirmations were correct.”

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