Tether has “dissolved” relationship with auditor Friedman LLP
What&#x27;s interesting is that while Coindesk posted to this as &quot;breaking&quot; news, plenty of people (like @bitfinexed) had noticed and dug into this on the 23rd: <a href="https:&#x2F;&#x2F;twitter.com&#x2F;Bitfinexed&#x2F;status&#x2F;956053106516688898" rel="nofollow">https:&#x2F;&#x2F;twitter.com&#x2F;Bitfinexed&#x2F;status&#x2F;956053106516688898</a><p>(from a closed discussion group on the 24th: &quot;I just spoke with the AICPA, Friedman has no professional responsibility to announce if they were ever auditing Bitfinex&#x2F;Tether and&#x2F;or if they withdrew from the engagement, so we will never know if there was even an audit in the first place.&quot;)<p>I&#x27;ve been personally pretty closely tracking the Tether situation, as I think it&#x27;s basically the largest risk to the cryptocurrency market today. Here&#x27;s a good even-handed summary that covers both sides and what it might mean: <a href="https:&#x2F;&#x2F;steemit.com&#x2F;cryptocurrency&#x2F;@cryptoscopia&#x2F;making-sense-of-the-tether-situation" rel="nofollow">https:&#x2F;&#x2F;steemit.com&#x2F;cryptocurrency&#x2F;@cryptoscopia&#x2F;making-sens...</a><p>Regardless of whether Tether is fully backed, it&#x27;s certainly running fraudulently. The original premise promised not just 1:1 USD backing, but also regular audits, which AFAIK have never happened (first supposedly engaging w&#x2F; Ledger Labs, and then with Friedman LLP) and now appear like they will never happen. Of course, as bitfinexed pointed out, it&#x27;s not like they didn&#x27;t warn anyone about it in their white paper: <a href="https:&#x2F;&#x2F;twitter.com&#x2F;Bitfinexed&#x2F;status&#x2F;957416416294068224" rel="nofollow">https:&#x2F;&#x2F;twitter.com&#x2F;Bitfinexed&#x2F;status&#x2F;957416416294068224</a><p>(The white paper of course does lie because it specifies regular audits and also banking partners that were aware of their business model.)<p>For those tracking the market conditions of an impending Tether collapse, I recommend reading this article (and tracking the author, @BambouClub&#x27;s twitter feed): <a href="https:&#x2F;&#x2F;hackernoon.com&#x2F;what-will-happen-when-the-shit-hits-the-fan-with-tether-f59f92fd8dca" rel="nofollow">https:&#x2F;&#x2F;hackernoon.com&#x2F;what-will-happen-when-the-shit-hits-t...</a>