Hindenburg Research, a financial forensic firm, has announced it will reward up to $1,000,000 any whistleblower for exclusive detail on USDT's reserves. According to an announcement, the firm doubts about the legitimacy of Tether's backing "due to the company's sparse disclosures."
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"We feel strongly that Tether should fully and thoroughly disclose its holdings to the public. In the absence of that disclosure, we are offering a $1,000,000 bounty to anyone who can provide us exclusive detail on Tether's supposed reserves," said Hindenburg Research Founder, Nathan Anderson.
Particularly, Hindenburg Research doubts that Tether holds its reserves in commercial paper as big trading desks claimed they had "never worked with them or seen them in the market." So far, Tether still does not want to provide transparency to the public on its holdings, the firm emphasized.
Earlier this year, Tether revealed an assurance opinion conducted by Moore Cayman, an audit firm in the Caribbean. The company said the report "clearly and unambiguously" approves that all USDTs are backed by reserves. However, it remains unclear which companies issued Tether commercial paper.
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