Tether has $2.2BN in the bank as they promised, says Bloomberg

18 Dec, 2018
by Alberto Arnaldo
News
Tether has $2.2BN in the bank as they promised, says Bloomberg

After getting confirmation about their funds from Deltec, the Bahamian bank where Tether assured the US dollar assets backing their stablecoin were kept, now the company took a step further towards calming concerned investors. They can now definitively disregard the accusations that hinted towards the lack of funds, as Tether shared bank statements with the media.

As reported earlier today by Bloomberg, statements spawning over 4 months display convincing evidence about the existence of the necessary funds to back the pegging of Tether.

One statement from January 31st shows $2.2BN in a Puerto Rican account, and on that same day, 2.195 billion Tethers existed. Similar matching statements for September and October 2017 also point towards a correct pegging. 

Tether had been trying in November to dissipate some of the doubts concerning their funds. They tried to do so by releasing a letter from their bank, which the institution took a couple days to admit as their own, leading to increased uncertainty.

Read more: Deltec finally confirms authenticity of letter regarding Tether

Despite the new evidence helping their cause, Stuart Hoegner, general counsel for Tether and Bitfinex, declined to comment on the still ongoing investigation by the U.S. Commodity Futures Trading Comission regarding the company’s funds.

And although that case might be looking much brighter for Tether after revealing bank statements, the investigation from the Justice Department regarding its influence on last December’s bull run remains unaffected by the latest news.

Read more: U.S. Justice department investigating Tether in connection with December bull runUS authorities set to seize millions from Tether's new bank, Delte

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