A History of Tether and Bitfinex’s Audits, Attestations, Memos, and Letters: Both Promised and Actual

A History of Tether and Bitfinex’s Audits, Attestations, Memos, and Letters: Both Promised and Actual Bennett's Articles

https://bennettftomlin.com/2021/07/17/a-history-of-tether-and-bitfinexs-audits-attestations-memos-and-letters-both-promised-and-actual/ Amidst all the confusion surrounding Tether and Bitfinex it can be difficult to keep track of what they have actually provided in terms of audits, attestations, and other documents to support their contentions. Here I will summarize, but the important note that needs to be included at the top is that both Bitfinex and Tether once hired an auditor, but neither ever completed the audit. Ever since Tether was founded they have promised to provide a full financial audit. It feature prominently in their whitepaper and on their website for years. They have never provided this audit, but have provided a variety of other documents meant to convince the public that they had sufficient backing for the tethers in circulation. In March of 2015 Tether and Factom announced (archive) they had formed a partnership to provide greater transparency into Tether’s holdings. The partnership never provided any additional transparency into Tether or its operations. In August of 2016 Bitfinex promised (archive) to provide a full financial and security audit after they were hacked. They initially announced that Ledger Labs was hired to perform both. No audit from Ledger Labs was ever released. This was likely in part due to the fact that Ledger Labs was not able to provide financial audits. In May of 2017 Bitfinex announced (archive) they had engaged Friedman LLP out of New York to audit them. As of today in 2021 we have yet to get an update from Bitfinex on the status of this audit. In September of 2017 Tether announced (archive) that they had engaged Friedman LLP out of New York to audit them. This audit would never occur, we would eventually get an update from a Tether spokesperson saying the relationship dissolved, citing the “excruciatingly detailed procedures”(archive) that the auditor wanted to undertake. Also in September of 2017 Tether released from previous attestations from a small accounting firm in Taiwan called TOPSUN. These were monthly attestations attesting to Tether having sufficient backing for the end of the month from December 2016 through March 2017. Strangely these were not completed at the end of the respective months but were all completed on May 23rd 2017. (Strangely approximately two weeks after they announced that Friedman had been brought on to audit Bitfinex) Read more… https://bennettftomlin.com/2021/07/17/a-history-of-tether-and-bitfinexs-audits-attestations-memos-and-letters-both-promised-and-actual/

Amidst all the confusion surrounding Tether and Bitfinex it can be difficult to keep track of what they have actually provided in terms of audits, attestations, and other documents to support their contentions. Here I will summarize, but the important note that needs to be included at the top is that both Bitfinex and Tether once hired an auditor, but neither ever completed the audit.

Continue reading “A History of Tether and Bitfinex’s Audits, Attestations, Memos, and Letters: Both Promised and Actual”

My Twitter Spaces with Frances Coppola and Cas Piancey and David Gerard on Binance

What is going on with Binance? CHAD

In this Twitter Space, we discussed all the current events around what's going on with Binance!  This was live in Twitter spaces from: https://twitter.com/chadsgx  Co-Hosted with: https://twitter.com/WOLF_Financial   Featured speakers:  https://twitter.com/Frances_Coppola https://twitter.com/davidgerard https://twitter.com/CasPiancey https://twitter.com/BennettTomlin  Subscribe for more great content like this!

This was a Twitter Spaces that I did a couple days ago with chadsgx, Wolf_Financial, Cas Piancey, David Gerard, and Frances Coppola. We discuss the current regulatory situation for Binance.

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Episode 14 – Behold the Brash Bunk from Bitfinex and Binance — Crypto Critics’ Corner

Behold the Brash Bunk from Bitfinex and Binance Crypto Critics' Corner

Today Bennett Tomlin and Cas Piancey discuss Cas' trip to Hong Kong in search of the ethereal Bitfinex headquarters, how and why exchanges continue to try to get away with existing nowhere, and what it means for consumers.

In this episode Cas and I discuss his investigative work to check out the addresses for Bitfinex and Tether. 

You can read Cas’ article on this here.

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Sunday Reads – Things I Found Interesting 2021-07-11

Binance

Binance in their continual journey to be simultaneously everywhere and nowhere has ended up right back where they started, in Hong Kong.

TrueUSD

I am still worried about the fact that we have yet to get more information from TrueUSD about their acquisition or when attestations may resume. Cas covered it months ago here.

ICYMI

In this article I document the periods where we have definitive proof that Tether was not fully backed.

In this episode Cas Piancey and I are joined by David Canellis of Protos Media to discuss the myriad problems we see with BitClout.

In this Twitter Spaces hosted by ChadSGX and Wolf Financial I am joined by Cas Piancey and Frances Coppola to discuss Tether and Bitfinex

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My Twitter Spaces with Frances Coppola and Cas Piancey

Bitfinex & Tether – Twitter Space CHAD

In this Twitter Space, we covered the Tether & Bitfinex Scandal! What are your thoughts? Let us!   From: https://twitter.com/chadsgx  https://www.instagram.com/chadsgx/?hl=en  Co-Hosted w/: https://twitter.com/WOLF_Financial    Speakers:  https://twitter.com/CasPiancey https://twitter.com/BennettTomlin https://twitter.com/Frances_Coppola https://twitter.com/Bitfinexed   Subscribe for more awesome spaces & conversations like this!

This was a Twitter Spaces that I did a couple weeks ago with chadsgx, Wolf_Financial, Cas Piancey, and Frances Coppola. We discuss Tether and Bitfinex and take a few (heated) questions at the end.

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Episode 13 – BitClout is Bad — Crypto Critics’ Corner

BitClout is Bad with David Canellis Crypto Critics' Corner

Today Bennett Tomlin and Cas Piancey bring on David Canellis, the director of news at Protos Media (https://protos.com) and long time journalist covering cryptocurrency and fintech, to discuss the "decentralized" social media platform BitClout. We'll talk about its odd origin story, why David thinks it's probably destined to fail, and why it reminds us of so many other projects that never made it out of the 2017/2018 cryptocurrency bullrun.

In this episode Cas and I are joined by David Canellis of Protos Media to discuss the controversial cryptocurrency BitClout.

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Sunday Reads – Things I Found Interesting 2021-07-04

Fraud in the art world

Vulture had a fantastic article about a fraudulent art dealer. See if you can find analogies to crypto and especially NFTs. Read it here.

ICYMI

In this article I attempt to challenge those who malign Tether researchers and journalists covering Tether as ‘conspiratorial truthers’.

In this episode Cas and I took a look at Bitcoin becoming ‘legal tender’ in El Salvador. It is a nuanced issue, complicated by a history of foreign intervention.

In this episode Cas and I took a look at the new tendency among crypto companies to hire former regulators.

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