🚨 Tether is caught in audit storm again: Consumer Research Organization reveals potential risks 📊
Recently, the Consumer Research Organization has made serious criticisms of Tether, pointing out that the USDT stablecoin issued by the company has failed to fulfill the audit commitment made nearly a decade ago, raising public concerns about the stability of USDT and the potential for significant risks.
In a letter to Washington State Governor Jay Inslee, the organization pointed out that Tether failed to provide an independent audit to prove the authenticity of its USDT stablecoin pegged to the US dollar at a 1:1 ratio.
They also mentioned Tether's business dealings with some bad actors, including cooperation with sanctioned cryptocurrency exchanges Garantex and BitPapa. The report also cited the Wall Street Journal's accusation that US law enforcement agencies have facilitated illegal economic activities.
Despite these concerns, Tether's financial report shows that the company's profits in 2023 exceeded BlackRock's $5.5 billion profits, reaching a staggering $6.2 billion.
Tether's series of actions and profit achievements make people question whether Tether's business model is really as transparent and secure as they say.
In a recent legal action, the UK High Court ruled that Tether's USDT stablecoin qualifies as property, which may provide more support for Tether's legal position.
Finally, the report from Consumer Research reminds us that despite Tether's financial success, its lack of auditing and transparency remains a concern.
This is not only a warning to investors, but also a challenge to the regulation and compliance of the entire cryptocurrency industry.
💬 What do you think of Tether's audit controversy? As the world's largest dollar stablecoin, USDT, if it is investigated and audited by regulators, will it have a serious impact on the cryptocurrency market? Share your views in the comments!
