The company behind the largest stablecoin by market capitalization, Tether has stated it has a bank account with Bahamas-based Deltec Bank & Trust Ltd and the account holds up to 1.8 billion USD as of October 31st.
Tether Released a letter dated November 1st that seems to be from Deltic, giving their base confirmation that “the portfolio cash value of your account with our bank was US$1,831,322,828” as of October 31st. Although, there is no ones name on the attached letter, and the signature is just a simply a curved line.
We are pleased to be able to confirm that Tether has an account with Deltec Bank & Trust Limited https://t.co/LSn64soUsC . Balance confirmation at 2018-10-31 attached.— Tether (@Tether_to) November 1, 2018
Response from the internet have been interesting with users commenting that this could backfire on the company and cause them a sleuth of problems in the future.
Reddit user u/elizabethgiovanni explains how this could backfire for them:
“[…] if Tether goes belly up, stuff like this will be used against them for a whole slew of crimes (and heightened damages) for intentionally misleading and lying to the market […] if they are lying, they’re digging their grave deeper and raising the stakes for their eventual run in with authorities.”
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