In a latest development, Tether and Bitfinex have unanimously decided not to appeal the FOIL request to affirm their commitments to transparency. According to a press statement by Tether, it prioritizes transparency as a major principle that has become necessary as the crypto sphere continues to grow in popularity.
The stablecoin issuer reflected on how it successfully met its reporting obligations to the New York Attorney General’s office. Don’t forget that the obligations mandated Tether to report its reserves every quarter for a period of two years. Tether said it has successfully met these obligations so as to demonstrate its commitment to transparency in the industry.
In the first quarter report, Tether conveyed statements from its banks after CoinDesk leveraged the Freedom of Information Law to request public disclosure of the documents. According to our findings, the statements indicate that the stablecoin issuer adopted efficient asset management practices including diversification.
Nevertheless, Tether clarified that its commitment to transparency does not mean it must release all documents. It insisted that the request for a wholesale release of all its documents is not in line with standard business practices. However, the firm said it has nothing to hide from the crypto community and the general public at large.
Tether affirming commitment to fighting terrorism financing
Meanwhile, Tether has been consistent in its fight against terrorism financing. Recall that in October, it intercepted 32 Israel and Ukraine addresses for their involvement in financing terrorism activities. According to Tether, this development was made possible as a result of its collaborative effort with over thirty agencies across the globe.
As revealed, the agencies investigated nineteen jurisdictions including Asia, Europe, and America. During the investigation, $835 million was recovered from 32 wallet addresses. These addresses were said to be involved in theft and hacking activities.
In September, Tether through its CTO, Paolo Ardoino, approved the sum of $1 billion USDT to replenish the Tron network. According to him, the firm intends to dedicate the fund as an inventory for imminent issuance requests and chain swaps on the Tron network. Ardoino further clarified that the $1 billion USDT transaction was an authorization, and not an issuance.
Also in June, Tether carried out a similar transaction where it minted $1 billion USDT. According to its CTO, the minting was also an inventory replenish for chain swaps on Ethereum. He also noted that the minting was an authorization not an issuance.
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