3 Lawyers Weigh In On The Puzzling Tether (USDT) Letter, Leaving Many Questions

[Cordillerabit]

Anyone that follows the news of Tether has heard of the rumors, only a few weeks ago, that they would be moving to Puerto Rico’s Deltec Bank. Though they maintained silence for a while, as did Deltec, a recent Twitter post “revealed” that the company had, in fact, moved their funds to Deltec. It would be simple if that was the end of the discussion but, alas, it was not.

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

The lack of audit would have been enough to keep the debate going over the validity of the document, if that document had provided any real details that could be validated. However, with less than 100 words and no way to determine who actually signed the document, Twitter users tore it to digital shreds. Even the wispy signature, was ultimately reduced to a meme and a joke.

The goal of the letter, which it clearly did not reach, was to provide security and faith to Tether users to confirm the rumors that the company would have enough liquidity in their new Deltec account to keep their 1:1 ratio, which recently dropped. The letter allegedly “confirm[ed] that, at the close of business on October 31, 2018, the portfolio cash value of your account with our bank was US$1,831,322,828.” The amount given is several million dollars more than what CoinMarketCap reports, and Deltec has still, at of the time of writing, provided no confirmation of the letter.

The part of the letter than seemed to ruffle some feathers is the fact that the writer specifically states that it is,

“provided without any liability, however arising, on the part of Deltec Bank & Trust Limited, its officers, directors, employees, and shareholders, and is solely based on the information currently in our possession.”

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