Former SECGov official has voiced serious concerns about the largest stablecoin issuer
serious concerns about the popular cryptocurrency Tether, accusing it of being a"counterfeiter."
In a series of tweets, Stark criticized Paolo Ardoino, the CTO of Bitfinex, the company behind Tether, for failing to provide transparent operations and suggesting that using Tether is risky due to a lack of oversight and regulatory measures such as audits, inspections and insurance. Stark went further, stating that Tether's practice of using attestation reports as evidence of their financial stability is misleading and unethical."In my experience, attestations are not a standard, not legitimate nomenclature and 'are not even a thing.' And trumpeting attestations as a legitimate baseline, respectfully and IMHO, is unethical and misleading," he tweeted. Ardoino has previously cited these attestations as proof of Tether's solvency.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Top Ripple Lawyer Slams SEC for Playing 'Hide and Seek'Ripple's top lawyer has publicly criticized the U.S. Securities and Exchange Commission (SEC), accusing it of wielding the judicial process as a weapon and likening Congressional oversight to a game of 'hide and seek'
Read more »
Kraken’s Top Lawyer Says Signs of Progress in U.S. Congress Put SEC in Legal Bind.krakenfx's top lawyer msantoriESQ sees a vulnerability for the SECGov's campaign against crypto firms it says are breaking the law: The U.S. Supreme Court has said federal agencies must defer to Congress on the big stuff. jesseahamilton reports
Read more »
Ripple's Top Lawyer Slams SEC: 'Wrong Then, Wrong Now'Ripple's chief legal officer Stuart Alderoty has taken sharp jab at US Securities and Exchange Commission (SEC), hinting at regulator's historical legal misinterpretations
Read more »
Tether’s Market Cap Inches Towards All-Time High as Competitors Struggle With Redemptions – Bitcoin NewsWith a current market valuation of $82.84 billion, the stablecoin tether is a mere $433 million shy of reaching its all-time high (ATH).
Read more »
Here's How Much Tether Holds in GoldTether, operator of world's largest USD-pegged stablecoin USDT becomes 'precious metals powerhouse,' Gabor Gurbacs says
Read more »
Tether Generated $1.5B in Profits in Q1, 2023, Holds 2% Bitcoin in Total ReservesUSDT's market cap has increased by nearly 25% since the beginning of the year.
Read more »