Former SECGov official has voiced serious concerns about the largest stablecoin issuer
serious concerns about the popular cryptocurrency Tether, accusing it of being a"counterfeiter."
In a series of tweets, Stark criticized Paolo Ardoino, the CTO of Bitfinex, the company behind Tether, for failing to provide transparent operations and suggesting that using Tether is risky due to a lack of oversight and regulatory measures such as audits, inspections and insurance. Stark went further, stating that Tether's practice of using attestation reports as evidence of their financial stability is misleading and unethical."In my experience, attestations are not a standard, not legitimate nomenclature and 'are not even a thing.' And trumpeting attestations as a legitimate baseline, respectfully and IMHO, is unethical and misleading," he tweeted. Ardoino has previously cited these attestations as proof of Tether's solvency.
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