court ordered tether | BTCC Knowledge

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What happens if you are ordered to be on a tether?

It is important that if you were ordered to be on a tether, you follow precisely what you were allowed to do. If you were allowed to drive to court, for example, that does not mean you can stop at the ATM on the way, get gas, or stop and get groceries. It is very important to be extra clear on what you are and are not allowed to do.

Does tether have an audit of its reserves?

According to the order, Tether retained an accounting firm to perform a review of Tether reserves on a date Tether selected in advance, and Bitfinex transferred over $382 million to Tether’s bank account in advance of that review. The order recognizes that Tether has not completed an audit of the Tether reserves.

What is a tether used for?

Applications for tethers include: fall arrest systems, lanyards, balloons, kites, airborne wind-power systems, anchors, floating water power systems, towing, animal constraint, space walks, power kiteing, and anti-theft devices. Failure modes for tethers are considered in their design.

Is tether a stablecoin?

The Tether order finds that since its launch in 2014, Tether has represented that the tether token is a stablecoin with its value pegged to fiat currency and 100% backed by corresponding fiat assets, including U.S. dollars and euros.