Usually, when you want your financials vetted you go to an accounting firm. I find it curious that they chose a law firm — with some PR-value name like Louis Freeh attached to it. Celebrity endorsement?
Why not get a proper audit by Ernst & Young, Deloitte or PwC?
We don’t see mutual fund financials vetted by law firms. Tether is a type of money-market fund.
It doesn’t add up. People behaving strangely . . . .
This was already mentioned in replies a few levels down. But I think it's important enough to repeat:
Earlier this year an accounting firm walked away from them: https://www.coindesk.com/tether-confirms-relationship-audito....
That comes under the category of "things that make you say hmmm ..."
https://www.coindesk.com/tether-confirms-relationship-audito...
This is somewhat reminiscent of Michael Cohen's "proof" that "[he has] never been to Prague in [his] life." (in his case, a picture of a cover of a US passport). It is not actually proof of anything useful, but does manage to help control the narrative in a specific way
https://twitter.com/MichaelCohen212/status/81899127768556748...
I think the reason is quite obvious, it's simply that traditional auditing firms don't have procedures in place for actually auditing crypto.
It should be obvious to anyone familiar with the situation that Tether is fully backed and that the FUD is manufactured.
https://medium.com/@Austerity_Sucks/bitfinexed-is-a-sensatio...