• Fake Tethers under fake bitcoins.
    Bitcoin,  Cryptocurrencies,  Regulation,  United States

    Tether gets lawyers to back up claims, but an interesting fact adds new mystery

    The ‘stable coin’ issuer shows it has reserves, yet…

    Tether, the embattled cryptocurrency outfit with close ties to Bitfinex, is firing back at critics. And now it has a report from a politically connected law firm stating it has the dollars to back up its tokens. On Wednesday morning, Tether published a report from Freeh, Sporkin & Sullivan LLP (FSS). In it, FSS claimed Tether had roughly $2.5 billion in cash to match roughly 2.5 billion tether tokens in circulation as of June 1, 2018. FSS said the figures were backed by sworn and notarized statements from Tether’s banks. The “Freeh” in Freeh, Sporkin & Sullivan is former FBI director Louis Freeh, who served under President Bill Clinton. As…