TETHER AND BITFINEX SUBPOENA TO PROVE 2.2 BILLION IN RESERVES

Feb 1, 2018 | 0 comments |

Tether and Bitfinex’s saga continues as U.S. regulators probe one of the world’s largest cryptocurrency exchanges. Despite Tether’s claims that each of it tokens has a US dollar backing it, the company has been less than forthcoming about its holdings. Earlier this week Tether reportedly fired external auditor, Friedman LLC.
Proof of Audit : Proof of Audit

CFTC SUBPOENA
According to an article from Bloomberg, U.S. regulatory agency, the Commodity Futures Trading Commission issued subpoenas on Dec. 6 to cryptocurrency exchange Bitfinex and Tether. The firms share the same CEO, Jan Ludovicus van der Velde.

Tether’s coins provide stability for cryptocurrency investors who substitute the tokens for dollars on exchanges. As of Tuesday, Tether had about $2.3 billion outstanding tokens. Tether’s popularity and stability come from the belief that each token has a U.S. dollar backing it in the company’s reserves. However, the company has not given conclusive evidence of its holdings to the public or have its accounts audited.

NO COMMENT FROM TETHER
Regulators regularly send subpoenas to financial institutions in order to gather information on a range of inquiries. Bitfinex and Tether issued a statement regarding the subpoena.

We routinely receive legal process from law enforcement agents and regulators conducting investigations, It is our policy not to comment on any such requests.

Despite the news, Tether (USDT) has remained stable. At the time of writing, USDT is trading at $0.98 USD, down a mere 1.33% over the last twenty-four hours.

Article here : Dowbit Article

Original article Bloomberg: Bloomberg Article

About Global Resource Broker

We are a company that truly understands the value of building long-term relationships. An array of resources are available through our Strategic Partners to assist you with your project needs. Simply put, we are in the business of providing valuable resources and management of strategic alliances which we have developed over the last 20 years. We are Experts at: Communicating an Effective Professional Message, Facilitating Transactions with our Resources and Strategic Partners, Developing Relationships with Centers of Influence (otherwise known as Connectors)

Leave a Reply

Your email is safe with us.

All rights reserved Global Resource Broker, Inc. © [2008-2024] · www.globalresourcebroker.com
Global Resource Broker, INC. ,Global Resource Broker, LLC, DBA Bitdragon and or any of their employees, subsidiaries ("GRB"), affiliates or strategic partners, are not Certified Financial or Investment Advisers, Registered United States Securities Dealer or Brokers. GRB is a business consultancy firm that can provide resources and advice to private individuals on business related matters.