Total Assets $2,248,665,722.36
That is what Tether Claims to have right now, 2.2 billion dollars and yet they say they audit but I could not find the name of their auditors (red flag). In January, apparently Tether cut all relations with its auditor????? Also on their website Tether has a separate tab for Law Enforcement Requests, (they get so many that they put a separate tab? also a red flag).
What I also found interesting is that there is no mention of what banks the funds are being held in. No mention of any deposit insurance, because it is not a bank nor a member of the Federal Reserve. (also a red flag). Finally, and most disturbing is the close connection with Bitfinex exchange. This all is a recipe for a disaster. The US government signaled last week (?) in Senate hearings the intent to begin regulation of the crypto space. The good news, regulation means legitimacy. The bad news, Crypto exchanges and holding companies will be regulated.
So, if I were your banker and I told you I just fired my auditor but here is a piece of paper I signed stating I have your money would you believe me or would you find another place to hold your money?
Caveat Emptor!