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CFTC hits Tether and Bitfinex with fines totalling $42.5m
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finextra.comHowever, the CFTC has found that from at least 1 June 2016 to 25 February 25 2019, Tether reserves were not “fully-backed” the majority of the time.
In fact, for a 26-month sample period between 2016 and 2018, Tether only held sufficient fiat reserves in its accounts to back USDT tether tokens in circulation for just over a quarter of the days.In addition, the CFT found that Tether falsely represented that it would undergo routine, professional audits to demonstrate that it maintained “100% reserves at all times” even though the reserves were not audited.The order also finds that, instead of holding all USDT token reserves in US dollars as represented, Tether relied upon unregulated entities and third-parties to hold funds comprising the
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