In Tether has confirmed that they terminated the relationship with the auditor

In Tether has confirmed that they terminated the relationship with the auditor

Company Tether, the Issuer of cryptocurrency greenback, stated that they had terminated the relationship with audit firm Friedman LLP.

The statement made on Saturday evening, likely to cause new questions about the company’s finances.

Friedman worked on the audit of the Tether, which has close ties with the cryptocurrency exchange Bitfinex. Critics of the two companies, primarily the blogger under the pseudonym Bitfinex’d claim that Tether printed tokens out of thin air to raise the price of bitcoin on the exchange.

From the statement of the spokesman it is not clear who initiated the termination of the relationship:

We confirm that the relationship with Friedman LLP terminated. Given the excruciatingly detailed procedures that were used in Friedman LLP for counting relatively simple balance Tether, it became clear to us that the audit was not finished in a reasonable time. Since the Tether is the first company in the cryptocurrency industry that runs this process and working to achieve a level of transparency we have no precedents on which we could navigate.

The press Secretary added that the company is “committed to the audit process”.

Cryptocurrency enthusiasts on Twitter first noticed the change in the relationship between the two companies last week, noting that Friedman LLP Bitfinex removed from the list of clients on its website. In Friedman LLP declined to comment on the situation.

In the preliminary report, published in September, Friedman LLP said that Tether exists 442,9 million dollars of cash in reserve, which corresponds to the released USDT, but this estimate was not complete and contained many reservations.

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