Weiss Cryptocurrency Ratings Issues Fresh Alert on Tether

Controversial “stablecoin” Tether is under the gun again, as Weiss Ratings recently released a report detailing the red flags associated with the project. According to the alert, the largest issue facing Tether is the lack of a completed audit that accounts for the assets in circulation. During December and January, over one billion new Tethers were issued which coincided with the incredible increase in price that bitcoin experienced. Tether has since placed a “proof of funds” button on their homepage, leading to an evaluation from Friedman LLP to address concerns, but the report itself is almost half a year old, and doesn’t account for the massive amount of assets created since then.

Reference: https://www.ccn.com/tether-under-scrutiny-again-as-weiss-cryptocurrency-ratings-releases-latest-alert/

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