Tether has been making a lot of headlines this year, and the trend continues. Now, Tether is clapping back at The Wall Street Journal after the publication allegedly spread false data about it. Check out the latest reports below.
Tether claps back at the prestigious publication
Tether claims the fact that the publication spread “false information” about the stablecoin issuer’s profitability, solvency and accounting standards.
In a Monday article, the Journal claimed that Tether could be deemed “technically insolvent” if its assets fell just 0.3%.
Cointelegraph notes that that conclusion was drawn from Tether’s reported assets and liabilities as of Thursday.
One week prior, Tether published its latest attestation showing $67.7 billion of reported assets against $67.5 billion of liabilities.
“The August attestation was conducted by BDO Italia, the Italian arm of international accounting firm BDO Global.”
As Cointelegraph reported, Tether hired BDO Italia in order to increase the legitimacy and transparency of its attestations.
Tether managed to up the frequency of its reporting from quarterly to monthly.
“The article seeks to discredit the work that Tether has put into transparent and honest communication to the public,” Tether said in a Tuesday blog post.
“BDO, a very reputable and independent Top 5 audit firm, is not a “Tether accounting firm,” as erroneously written by the WSJ.”
In the blog post, Tether also claims the following:
“According to our Consolidated Reserves Report, Tether has never disclosed any equity despite being profitable for several years. This same report has been deemed appropriate by important stakeholders and it has been accepted by the NYAG. Perhaps the WSJ has confused Tether with some of its competitors.”
Tether also addressed honesty and transparency.
“Tether’s disclosures have been the most honest and transparent in the market – everyone knows that we have not had an audit and they know we are working towards one…”
