Daily crypto: Tether report allegedly proves dollar backing and markets on the rise

daily crypto tether report allegedly proves dollar backing and markets on the rise.

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Christian Ploog

christian.ploog@trijo.co

A law firm has released a report on tether's backing in dollar. However, the report is receiving critique.

The controversial cryptocurrency tether has been subject to much debate in the crypto community. The big question surrounding it is whether it actually has the backing in dollars that the founders say it has – or if it’s somewhat of a ticking bomb.

There have also been suspicions that the company has issued more tether than it has backing for in dollars. Although tether consistently has denied the accusations, no concrete proof has been presented to support their promises. After some trouble with former auditors, tether has now produced a report from a third party that they argue proves that the cryptocurrency indeed is fully backed by American dollars.

The debate regards an audit conducted by the law firm Freeh Sporkin & Sullivan, LLP (FSS), which, in other words, is not an audit firm. Among other things, the firm was shown a snapshot of the bank balances at two different banks on the 1st of June. The snapshot allegedly proves a balance of, in total, $2.55 billion (the market value of tether at the time being was corresponding to $2.54 billion).

This has also rendered critique since this snapshot in no way says anything about the balances before and after the 1st of June, and in other words says nothing about whether or not appropriate dollar backing has been in place in the past, Coindesk writes.

Also on Twitter, critical voices on the audit have emerged, one being the account “Bitfinexed”, who has been critical to tether for a long time.

Green numbers on the markets

The major cryptocurrencies have increased in the last 24 hours. The best development was seen in ethereum (+3,02%), but also ripple (+2,18%), eos (+2,87%) and bitcoin cash (+1,96%) has been on a rise.

Among the top 100 cryptocurrencies, enigma (+21,32%) and ethereum classic (+13,98%) have performed the best, whereas waykichain (-16,49%) and dropil (-13,42%) performed the worst, according to Coinmarketcap.

Prices the last 24 hours

Asset: Price: % (24h)
Bitcoin $6 769,95 +1,75%
Ethereum $540,89 +3,02%
Ripple $0,542717 +2,18%
Bitcoin cash $891,68 +1,96%
Eos $10,64 +2,87%

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