Tether Says Audit is months away while the crypto market fails.
By The Exchange Team
This year's digital asset downturn is driving crypto businesses to reassure investors. So far, nothing.
Companies rarely release financial statements or have their books audited. Even if audited, digital assets lack accounting requirements.
Take Tether, the largest stablecoin firm. In recent months, it began a marketing blitz of blogs and news releases promoting its transparency.
Market experts have questioned the firm's reserves and demanded audited data.
The firm promised an audit in 2017. Paolo Ardoino, CTO of Tether Holdings, which issues tether coin, said an audit is "likely months away."
Mr. Ardoino expressed his concern that "things are proceeding slower than...we would want"
Instead of a comprehensive audit, Tether releases a "attestation" issued by its accounting firm that shows its reserves and liabilities.