I mean to be fair, they did have an auditor back in 2018. But the auditor quit before completing their investigation.
Auditors quitting is never a good sign.
https://www.coindesk.com/markets/2018/01/27/tether-confirms-...
Auditors quitting is never a good sign.
https://www.coindesk.com/markets/2018/01/27/tether-confirms-...
From the very same article: "Given the excruciatingly detailed procedures Friedman was undertaking for the relatively simple balance sheet of Tether, it became clear that an audit would be unattainable in a reasonable time frame."
Even Friedman LLP says in the internal memo “Do not rely on this report”.
It's been almost 4 years since that and no independent firm has ever audited Tether.