Quote from: OZmaster on Today at 12:57:38 PM

Quote from: nurilham on July 27, 2021, 10:39:32 PM

Quote from: Fire me! on July 27, 2021, 09:58:31 PM

Since they never had a real audit i do not think it is safe and would stay clear from it as much as possible.

Is there an institution that deserves to audit tether.to? I don't know if any institution has the right to audit a crypto project. By the way, even a project is audited, I am not sure the team will publish the detail to the public. You must contact the team privately if you are really curious about the audit. FYI, for me, as long as it is one of the top crypto coins, it will be quite safe although no audit announcement on the site.

That is a big problem in my opinion. A product like Tether and the company behind it should be obliged to frequently provide a full audit report about the reserves that are supposed to back USDT 1 to 1. We are not talking about a stable currency that is handling a few million USD volume per day. We are talking about a massive product/market that could cause enormous harm to the whole industry if something goes wrong or if mistrust arises. I have no idea whether there is really a dollar for every single Tether.

As the author in this article says, it remains murky.

"https://www.coindesk.com/tether-first-reserve-composition-report-usdt"

They are indeed not obligated to provide a full report. Tether now presented a report but that is nothing really official. It is not an independent audit firm. Very suspicious and the other stable coins, even that one from Gemini, doesn't provide reports at all. That surprises me given how much authorities would love to crack down on cryptocurrencies.