However, the CFTC has found that from at least 1 June 2016 to 25 February 25 2019, Tether reserves were not “fully-backed” the majority of the time.
In fact, for a 26-month sample period between 2016 and 2018, Tether only held sufficient fiat reserves in its accounts to back USDT tether tokens in circulation for just over a quarter of the days.In addition, the CFT found that Tether falsely represented that it would undergo routine, professional audits to demonstrate that it maintained “100%
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