Re:Crypto.com Will Delist Tether in Canada
by Faark on Wednesday January 11, 2023 @12:52AM
(#34335455)
As a layman trying to understand all this, doesn't the latest BDO report on their transparency page https://tether.to/en/transparency/#reports indicate ~40 billion usb to be in US treasury bills? That sounds pretty safe/OK to me, or what am missing? Do you accuse BDO of issuing bullshit reports?
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Re:Crypto.com Will Delist Tether in Canada
by Nursie on Wednesday January 11, 2023 @01:58AM
(#34335864)
So firstly, there's this - https://www.bloomberg.com/news/articles/2022-08-18/tether-dr...
Which seems to indicate that they signed an agreement with BDO Italia, "an independent subsidiary" of BDO. Not sure if that's significant in itself. Probably not.
Secondly, BDO are "evaluating" their ongoing relationship with crypto firms - https://www.wsj.com/livecoverage/stock-market-news-today-12-...
And third, well, it's not an audit, it's more of a "Reserve balances look OK to us on this date" report. It doesn't (for instance) take into account any other liabilities the company may have.
So I'd say this is (as another poster mentioned) better than nothing, which is what they used to give, but worse than an actual audit.