Accountingcryptocurrency

Concern over Tether

I’ve written a series of posts on the theme that investors have good reason for concern about cryptocurrency investments. The latest concern is Tether. Here’s what we know:

  • Tether is the second largest cryptocurrency behind Bitcoin.
  • Tether claims to be backed by US dollars, therefore eliminating market value fluctuation risk.
  • Despite its massive market trading volume of about $3 Billion daily, the company has never been audited.
  • Tether fired the accounting firm that was supposed to issue the first audit.
  • Now Tether says it is having trouble finding a new accountant.

Under these circumstances, I think we have new reason for concern,

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