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Not many in the crypto industry are shocked by this revelation, as Tether has been promising to conduct a full audit on its reserves since 2017 but has yet to deliver. “Things are going slower than…we would like,” Ardonio said. For example, Tether was able to skew its attestation in 2017 by having its sister company Bitfinex transfer $382 million into its bank account just hours before the numbers were reviewed by accountants, according to the Commodity Futures Trading Commission.
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