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Tether Says Cryptocurrency Backed by Undisclosed Reserves

  • Cayman Islands-based Moore Cayman provides assurance
  • Report isn’t part of requirement in New York settlement
Bloomberg business news
Bitcoin: What the Skeptics Are Saying
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The company behind the Tether cryptocurrency said an accounting firm provided an assurance that its assets exceed liabilities, though the firm didn’t specify what assets backed the so-called stablecoin.

Tether had been at the center of speculation for years that the coin, used to facilitate trades in the crypto market, wasn’t backed one-to-one with dollars as claimed. In February, the companies agreed to provide quarterly reports to New York as part of a settlement over allegations that it hid the loss of funds and lied about reserves.