Quote:
Originally Posted by opendoor
It says right in there that it's all cash and short-term US T-bills that are segregated from the rest of their finances. And while it's possible that one of the largest accounting firms in the world could commit accounting fraud (it happened with Arthur Andersen and Enron), basically any financial statements are suspect if that's the assumption.
That said, not all organizations are so transparent. The people at Tether refused to disclose the details of the financial instruments that are backing their coin for fear of revealing their "secret sauce."
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These are the good guys and they are already under SEC investigation!! I wouldnt trust that they actually have the backing they say just because if there is a sector that is full of shysty enron types its crypto