Tether Declares $1.8B Balance in Account; Releases Letter from New Partner as Proof

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The stablecoin Tether has released a letter from its banking partner which verifies the availability of over $1.8 billion in the company’s account. Tether has released the letter right after the firm announced its latest collaboration.

The company behind the stablecoin USDT (Tether) known as the Tether Limited has revealed on Thursday that it has forged a new banking partnership with Deltec Bank & Trust. On the same day, the company has also released a letter reportedly made by Deltec, which states the availability of over $1.8 billion in cash reserves held in an account with the financial institution.

The Tether had recently suffered a considerable sell-off when rumors began circulating on social media that it has been delisted by several popular platforms. The price of USDT, which should be pegged at 1 is to 1 to the U.S. dollar, nosedived to as low as $0.92 on several platforms.

Uncertainties regarding the firm’s integrity and lack of transparency have cast a shadow of doubt on the part of the crypto community.

Now, Tether Limited aims to regain its tarnished credibility with the release of the letter. However, the company finds itself in another tight spot as Zero Hedge reports that a lot of traders have immediately spotted a number of “inconsistencies” in the supposed letter issued by the Bahamas-based bank.

The November 2 report by Zero Hedge indicates that the PDF document that Tether has posted contains inconsistent timestamps, which suggests that it has been revised before it was created.

In a Twitter post, user @Bitfinexed tweets:

Another problem… the timestamps in the provided PDF are inconsistent, it was ‘modified’ before it was created.

Maybe Tether has a time machine? But the June report had consistent timestamps. pic.twitter.com/3htxNg5RnU

— Bitfinex’ed 🐧 (@Bitfinexed) November 1, 2018

Another issue is that the letter does not carry the name of the signatory, but merely an unreadable signature.

With this, @Bitfinexed adds:

Nobody wanted to put their name on this, either. pic.twitter.com/u0YuprReZE

— Bitfinex’ed 🐧 (@Bitfinexed) November 1, 2018