In an article in Bloomberg, Tether Ltd.’s general counsel Stuart Hoegner said that “the bottom line is an audit cannot be obtained,” referring to a recently concluded investigation which would confirm if Tether indeed has real money deposited in its bank accounts.
As the investigation concluded, Tether is indeed putting its money where its mouth is, with alleged deposits amounting to $2.55 bln. However, the name of the alleged accounts containing the said amount will remain undisclosed due to privacy concerns, Hoegner said. He also added that Freeh Sporkin & Sullivan LLP, the law firm which conducted the investigation, were granted access to two of their bank accounts for weeks.
Consequently, the said firm did not actually conduct an official audit despite it having access “to Tether’s accounts at two banks for weeks and released data on how much money the company held on a single day, June 1,” the Bloomberg article read.
Tether assured the public that the $2.55 bln deposit was legitimate since all the Tether coins in circulation on that day amounted to $2.54 bln.
The Freeh Sporkin & Sullivan LLP, the law firm which conducted the investigation was co-founded by former FBI Director Louis Freeh, which makes its conclusion appear credible, at least to many of those who are still maintaining cynicism regarding Tether and its integrity.