USDC releases 4th audit report, auditor's independence is questioned

20 Feb, 2019 | Updated: 20 Feb, 2019
by Fifi Arisandi
USDC releases 4th audit report, auditor's independence is questioned

USDC releases 4th audit report that looks promising, the auditor's independency is questioned. 

Stablecoin, USD Coin (USDC) just released another audit report that shows the amount of USD reserves backing the coin.

Published on February 15th by auditor firm, Grant Thornton, the report confirms that the company behind, Circle has sufficient reserve to back the token on a 1:1 basis, as reported by Coingape.

Circle’s dollar deposits amount to USD307,848,312, which is 54,588 dollars in excess of the numbers of issued USDC tokens of 307,793,724.

Compared to the last report by the same auditor, both the token and USD reserve amount have seen a pretty significant growth of around $56 million.

Read more: USDC gets proof of funds approval, attestation report confirms USD backed coins

The report seems “fine”, at least until a Twitter user, @ItsIcoScamAlert posts a tweet pointing at the recruitment of Mark Kelly, a former Technology Risk Consultant at Grant Thornton as Coinbase's UK compliance head.

He challenges Circle to prove their “claim” on the recent audit report by conducting another audit. But this time, it must be done by an auditor firm that’s not “related” in any ways with the company.

While the presumption seems like a long shot, there’s nothing wrong with “keeping an eye and ear” to the topic.

As for Coinbase and Circle, nothing is wrong as well to use another auditor to perform the audit to prove their transparency and credibility.

Especially since the multiple audits are actually done as an effort to convince crypto investors that their stablecoin is different in any ways with the controversial you-know-what stablecoin.

Read more: USDC hits $5.5 B transactions, releases progress report

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Do you think Circle should use another auditor to audit USDC?

(12 votes)

Add a comment

Does Circle make a fake USDC audit report again? What is wrong with this company?
20 Feb, 2019 - 07:49
haha! another audit by USDC and another time auditor is not reliable at all. i think the same is with whole Circle token project that is definitely just a scam
20 Feb, 2019 - 20:03
it is not fair to choose the lier auditor and pay him. circle doesn't think about users
20 Feb, 2019 - 07:57
circle is always doing it, lol. even chepicap is kidding on usdc fake audit
23 Feb, 2019 - 02:52
fake audit and auditors, USDC is a fake and scam with a backdoor. Who wants to use USDC at all?
20 Feb, 2019 - 08:54
When will Circle cease to feed people with these fake USDC audit reports? In any case, everyone knows what useless USDC is
20 Feb, 2019 - 09:17
It is not fair, Circle. no one cares about the coin and its users.
I have nothing to add
20 Feb, 2019 - 09:36
It is a pity to know this but fake auditor it is too much. Users sell usdc this is good decision.
21 Feb, 2019 - 03:23
sorry but true is hard. it is better to know that usdc is not fair than buy coins and then loose everything
23 Feb, 2019 - 07:06
one more audit by USDC and still very suspicious auditor. definitely circle has a lot of troubles with this project that seems to be scam
20 Feb, 2019 - 18:51
Oh my lord when will Circle stop pushing USDC by audit reports? I'm tired of this scam
20 Feb, 2019 - 21:17
when? newer. usdc team wants to get more and more users use their shitcoin
24 Feb, 2019 - 08:17
This is complete nonsense. Circle USDC must be audited with at least 3 auditing firms. Then it will look believable. At the moment, all their USDC conducted audits are fake and scam!
21 Feb, 2019 - 09:37
I`ve that for more than a month already. Finally it`s on mass media. I do hope that now this fake usdc audit will get closer attention of sec!
21 Feb, 2019 - 10:09
Circle and its USDC shitcoin are scammers. I think Circle has never conducted a true audit!
21 Feb, 2019 - 10:30
What does Circle hope for creating such USDC audits? This is fake and all people see this!
21 Feb, 2019 - 11:05
we must repost this article!
21 Feb, 2019 - 11:42
and this investigation shows that usdc audit was kind of fake?
21 Feb, 2019 - 13:54
so complicated scheme but everything is clear that usdc audit was not actually real
21 Feb, 2019 - 15:47
Am I the one who is surprised by the opportunity to conduct a quality audit so often? USDC audits are published suspiciously often and its results can't be reliable
21 Feb, 2019 - 21:15
I doubt that usdc even conducted an audit ... I am sure that the connections helped it to come up with this data…
21 Feb, 2019 - 21:49
usdc behaves as if it's trying to justify itself in front of people by publishing an audit. And this always means the opposite, that usdc doesn't have enough money
21 Feb, 2019 - 22:31
All this DCG - Circle - Coinbase mafia has deserved closer SEC look. This allegedly falsified USDC audit is an additional reason for that.
22 Feb, 2019 - 09:54
congratulations circle with releasing 4th fake audit )))
22 Feb, 2019 - 21:43
circle hasn't ever provided the real info
22 Feb, 2019 - 22:57
All that is connected with USDC reports and audits created Circle is a lie. This company makes a fake to create hype around fuc*ng USDC.
22 Feb, 2019 - 23:19
for all these audits paid. it is very clear that the USDC is insolvent
24 Feb, 2019 - 08:08
Do Circle used one more fake auditor? I think USDC will never be audited truly!
24 Feb, 2019 - 08:56
Circle lost millions of dollars on USDC audits and advertising and got a terrible result. Worth it?
24 Feb, 2019 - 09:39
Did the audit of usdc was conducted by the same company again? After all the accusations of falsifying the results, usdc could choose another independent company
24 Feb, 2019 - 18:41
While Circle is engaged in fake audits and the useless promotion of its USDC shitcoin, Poloniex dies from a variety of technical issues. What's wrong with you?
26 Feb, 2019 - 03:59
usdc will release every fake audit once a month but if it's fake that's nothing to talk about )
27 Feb, 2019 - 21:18
circle has not provided any real documents regarding audit so i don;t have any reasons to trust it
27 Feb, 2019 - 22:41
usdc report can't be promising because it's a fake and nothing else
28 Feb, 2019 - 22:11
the audit of circle doesn't look like credible ..
28 Feb, 2019 - 22:47
it's nothing to release for usdc because all the information about audit is not true
03 Mar, 2019 - 19:15
circle reports seems not fine but fake
03 Mar, 2019 - 20:04
First Goldman Sachs struggles for doing @GrantThornton , the middle-tier firm, an auditor of #USDC. Then @coinbase hires a new UK compliance chief Mark Kelly, a former Grant Thornton employee - This is fair point! i made a research on this topic and Mark Kelly really worked for Grant Thornton so he had connections. this audit is not reliable at all
06 Mar, 2019 - 17:23
USDC as usual, how coinbase coin can be clean? no chance, it is the created by fraud king and of course USDC creates fake audit checks to cheat on people
09 Mar, 2019 - 14:31
USDC might be an element of shady coinbase scheme. I think we must be very careful with it.
17 Mar, 2019 - 23:55
those who are going now about USDC success will be mourning their lost assets soon – the coin has backdoor!
18 Mar, 2019 - 00:00
USDC is a flop project that's going out of business, better sell the coins, if you keep them!
18 Mar, 2019 - 22:02
lol no one holds USDC
18 Mar, 2019 - 23:40
USDC audits were bribed and almost everyone knows about it, of course this crypto is fraudulent!
22 Mar, 2019 - 16:56

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