Based on all the media reports I've seen, and the simple fact Tether has been subpoenaed by U.S federal regulators regarding their junk audits and fake accounting, its looking more and more like Tether is Bernie Madoff 2.0 just waiting to happen.

They previously hired the accounting firm Friedman LLP to perform an audit, which itself has proven to be a sham. After the audit was completed back in Sep, Friedman stated that Tether has over $440 million dollars in reserves, and that the Tether tokens in circulation amounted to roughly $420 million dollars.

But the results of the audit prove no real audit was ever completed, and the statements by both Friedman and Tether prove this. The financial institutions that supposedly held the reserve funds for Tether were blacked out, and when Friedman LLP was questioned about their findings, they stated they didn't bother to investigate the reliability of the data Tether provided them.

Sorry to tell Friedman LLP, but that's now how financial audits work. IN a legit audit, all financial assets would be verified, that's the whole reason we have audits to begin with. Its also the whole reason why U.S regulators are down Tether's throats right now.

There's a lot more to all of this, including the fact Tether is directly tied to Bitfinex, I guess the U.S regulators scrutiny will likely shed more light on what the heck is going on. And here Bitfinex has already been canned by pretty much every commercial bank imaginable, I think that says something. Bitfinex is a crypto exchange with no oversight and zero accountability, obviously this is a problem.