Tether Co-Founder Pressed on Lack of Transparency

Dec 03,2022
Tether Co-Founder Pressed on Lack of Transparency

In aRecent interviewAndrew Ross Sorkin put pressure on Reeve Collins, founder of Tesser, in CNBC's Squawk Box variety show, saying that Tesser's reserves lacked clarity.

Sorkin, it meansRecent worksAn article published by the Wall Street Journal emphasized that Tether did not publish its audited financial report, which meant that the smiling person was kept in the dark. Sorkin inquired, "If you do have a reserve, why don't you show it to them?".

Collins felt that Taser often exchanged "exactly one dollar" for each token. He added that the company has better risk mitigation measures in the industry. "It has stood the baptism of time," he said.

Although the investor claimed that Tether had released the confirmation of the reserves, he pointed out that people doubted that the company's clarity was OK.

Collins sold Tether again in 2015. He pointed out that due to a series of failures in recent years, this field will become more and more transparent.

Tether has always been one of the most objectionable digital currency companies. Critics who are commonly called "Tether trunkers" think that the company is a very big scam.

In October last year, the Foreign Commodity Futures Trading Association (CFTC) accused Tether of lying about the strong support of the flagship USDT stable currency, and made a clear accusation against the company and reached an agreement.

The largest stable currency publishers are$140 million class action lawsuitThe lawsuit accuses the company of large-scale fraud for a long time.