Tether CEO’s Interview: Expressing Sorrow over Binance’s Misfortune, Tether Embarks on Comprehensive Audit
Bitfinex CTO and Tether CEO Paolo Ardoino recently gave an interview to Fortune magazine, discussing the Binance incident, Tether’s frequent FUD (fear, uncertainty, and doubt), and the progress of Tether’s audit.
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Commenting on the Binance incident, feeling sorry for those who take pleasure in others’ misfortune
Media loves to promote FTX and spread FUD about Tether
Why hasn’t Tether undergone a comprehensive audit yet?
Commenting on the Binance incident, feeling sorry for those who take pleasure in others’ misfortune
Paolo Ardoino was asked about his views on Binance’s settlement with the US Department of Justice.
He stated that Bitfinex, Tether, and other competitors are different in that they don’t like to kick Binance while it’s down:
“I think some executives have been too arrogant after the incident, which is very sad. They only care about their own company and have no intention of improving, or they can only survive by taking advantage of other companies’ failures.”
While saying this, Paolo Ardoino still emphasized the differences between Bitfinex and Binance, with Bitfinex being smaller in scale and deciding to become even smaller.
Media loves to promote FTX and spread FUD about Tether
Paolo Ardoino mentioned that until October last year, all mainstream media supported FTX. However, they distanced themselves after FTX went bankrupt, but the voices hoping for Tether’s collapse have never diminished.
He also pointed out that the banking crisis earlier this year was caused by excessive leverage, with Silicon Valley Bank, Signature, and Silvergate all going bankrupt one after another:
That’s why when I hear bankers and crypto companies accusing Tether, I always remind them to take care of their own problems first.
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Did Tether invest the excess reserves of $3.2 billion from the third quarter and earn $1 billion?
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Why hasn’t Tether undergone a comprehensive audit yet?
Paolo Ardoino countered that certain large crypto companies are seen as heroes in the crypto field, but these institutions have not undergone a comprehensive audit either.
Of course, it’s not that Tether is unwilling to undergo a comprehensive audit. He emphasized that Tether has always been trying and is in the process of introducing large-scale auditing institutions for a comprehensive audit. However, regulatory factors make it difficult to achieve:
Look at what happened in the US Congress. Legislators suggested that auditing firms should not accept crypto-related clients. Accepting new clients such as crypto companies may bring significant responsibilities, especially after the FTX incident.
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Threat or reminder? SEC warns accounting firms: vague audits involving crypto companies may be illegal
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FTX
Paolo Ardoino
Tether
USDT
Further reading
S&P Stablecoin Rating Report: USDC receives the highest rating, USDT “barely” receives 4 points
Members of the USDT fraud group received “rules of engagement” for dealing with trials, will the judge release them without bail?
