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Bloomberg Vouches for Tether’s Dollar-Backing

December 20, 2018 |

Bloomberg has claimed to have witnessed bank statements evidencing that Tether does indeed possess the dollars required to back the USDT tokens that are in circulation. Despite the bold claim, nearly all documentation cited in the report is dated from the year 2017.

Also Read: Why Colombia Has Become A Hotspot for Bitcoin ATMs

Bloomberg Claims to Witness Documents Evidencing Dollar-Backing of USDT

Bloomberg Vouches for Tether’s Dollar-BackingBloomberg has become the latest entity to vouch for the legitimacy of Tether’s purported dollar-backing of all USDT in circulation, recently publishing an article titled “Crypto-Mystery Clues Suggest Tether Has the Billions It Promised.”

Said ‘crypto-mystery clues’ reportedly comprise bank statements “spanning four separate months” witnessed by the media outlet, with an anonymous source claiming that many of the documents were sent to the United States Commodity Futures Trading Commission (CFTC) after the CFTC issued subpoenas to Bitfinex and Tether.

Statements Purportedly Show Balances With Noble Bank and Deltec Bank

The report asserts that “one statement shows $ 2.2 billion was in Tether’s account at Puerto Rico’s Noble Bank Ltd. on Jan. 31,” adding that on the same day, 2.195 billion Tethers existed, according to Coinmarketcap data.

The report also states that “the numbers also match up in September and October 2017,” citing statements detailing balances when Tether opened accounts with Noble Bank – a Puerto Rican financial institution founded by individuals closely associated with the founders of Tether. According to Bloomberg, “Tether opened its Noble account in September 2017, expanding its balance from zero on Sept. 1 to $ 392 million on Sept. 30, … That month, it also had $ 60.9 million in customer cash at Bank of Montreal in an account under the name of Hoegner, the general counsel … That totals $ 452.9 million. There were 435 million Tethers on Sept. 30, 2017.”

The most recent of the bank statements cited in the article reportedly details Tether’s balances as of July 2018. The statement shows a balance of “$ 1.9 on July 1 and an ending amount of $ 210 million July 30,” with an anonymous source explaining that the balance dropped “as the company shifted funds to Deltec Bank & Trust Ltd. in the Bahamas.”

The report asserts that “The statements were provided by someone with access to the company’s records,” adding that “a government official confirmed their veracity.” The report also notes that “Attempts to reach Deltec and an attorney representing Noble weren’t returned.”

Familiar PR Maneuver?

Bloomberg Vouches for Tether’s Dollar-BackingThe tone used to describe the anonymous sources who vouch for the authenticity of the documents provided to Bloomberg suggests that at least one of the sources is closely affiliated with Tether and Bitfinex

The claims made in the article are reminiscent of a post published by Chinese crypto personality Zhao Dong in January 2018 in which he asserted that he and Bitfinex shareholder, Lao Mao, had personally witnessed accounts evidencing the dollar-backing of USDT in a meeting with Bitfinex’s chief financial officer, Giancarlo Devasini.

Previously, Tether has also posted a memorandum authored by accounting firm Friedman LLP that it claimed evidenced the dollar-backing of USDT, however, has not completed a formal audit to date, despite Tether’s 2016 whitepaper stating that the company’s reserves would be evidenced through “undergoing periodic audits by professionals.”

Do you think that Tether’s USDT tokens are really all backed by dollars? Share your thoughts in the comments section below!

Images courtesy of Shutterstock

At there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Bloomberg Vouches for Tether’s Dollar-Backing appeared first on Bitcoin News.

Bitcoin News

Bloomberg Makes ‘Unprecedented’ Donation

November 19, 2018 |

Former New York City Mayor Michael Bloomberg announced Sunday he’s donating $ 1.8 billion to his alma mater, Johns Hopkins University, to boost financial aid for low- and middle-income students, the AP reports. The Baltimore university said the contribution—the largest ever to any education institution in the US—will…

PR: Bloomberg Hosts “The Future of Cryptocurrencies”

June 19, 2018 |

Bloomberg Hosts "The Future of Cryptocurrencies"

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. does not endorse nor support this product/service. is not responsible for or liable for any content, accuracy or quality within the press release.

On June 29, 2018, Bloomberg will host a half-day, invitation-only “The Future of Cryptocurrencies” event at Bloomberg’s offices in the heart of London, England. The event will focus on the future of cryptocurrencies, where subject-matter experts and leading industry players from the virtual currency market will discuss crypto’s regulatory future, the factors driving its volatility and potential trading strategies. More than 200 industry executives, including attendees from such global giants as UBS, Societe Generale and IBM to name a few, are expected to attend.

Bloomberg’s “The Future of Cryptocurrencies” is sponsored by and is the first event exclusively focused on cryptocurrencies produced by Bloomberg Live.

Event speakers include:
• John Patrick Mullin,
• Ajit Tripathi, Partner, ConsenSys
• Mona El Isa, Melonport, CEO & Co-founder
• Oliver con Landsberg-Sadie, BCB Group CEO
• Nic Niedermowwe, Prime Factor Capital Co-Founder & CEO
• Stijn Vander Straeten, CEO, Crypto Storage Ag

With opening remarks from:
• Jim Preissler,

When: Friday, June 29th, 8:30-1:00pm GMT
Where: Bloomberg Headquarters, 3 Queen Victoria Street, London

Jim Preissler,’s CEO, said, “Bloomberg’s involvement in this event illustrates how crypto and blockchain are becoming more and more accepted by mainstream finance.”

“There will be many interesting, thought-provoking panels which will include an opening remark from our CEO Jim Preissler, as well as our Director of Research & Development, John Patrick Mullin,” said Helen Astaniou,’s Chief Marketing Officer. We view this as a great opportunity to both showcase’s industry knowledge and technology and bring a greater understanding of the cryptocurrency and blockchain industry and how it can coexist with, and even enhance, traditional finance and the financial markets.”

For more information and the full agenda, visit:

Contact Email Address
Supporting Link

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The post PR: Bloomberg Hosts “The Future of Cryptocurrencies” appeared first on Bitcoin News.

Bitcoin News

Bloomberg: I’ll Pay for US Share of Paris Climate Deal

April 23, 2018 |

President Trump says he wants to pull the US out of the Paris climate accord—but another billionaire says he is going to pay some of what the US would have contributed to the pact anyway. Michael Bloomberg, who promised last year that cities, states, and businesses are “going to…

Bloomberg to Give $15M for US’ Share of Paris Agreement

June 3, 2017 |

“Americans are not walking away from the Paris climate agreement,” Fortune quotes Michael Bloomberg as saying. On Friday, Bloomberg Philanthropies announced it would commit $ 15 million to “support the operations” of the UN’s Framework Convention on Climate Change, which coordinates the Paris climate agreement, CNN reports. The $ 15 million will…

Twitter teams up with Bloomberg on 24/7 streaming news; stock jumps

May 1, 2017 |

Twitter Inc. announced a partnership Monday with Bloomberg Media to broadcast around-the-clock streaming video news, further positioning the social media platform as a destination for video.

The new channel will include live news reports from Bloomberg bureaus around the world and video curated…

L.A. Times – Business

Putin says oil output freeze would be right decision: Bloomberg

September 2, 2016 |

Russian President Vladimir Putin attends the Eastern Economic Forum in VladivostokBy Christian Lowe and Maria Tsvetkova MOSCOW (Reuters) – Russian President Vladimir Putin said an agreement between oil exporters to freeze output would be the right decision for the global market and Iran should compromise to achieve a deal. Attempts by OPEC and non-OPEC oil exporters to reach a pact on stabilizing production levels earlier this year foundered because Iran, which is anxious to increase exports after the lifting of international sanctions, declined to participate. "I think that from the point of view of economic expediency and logic, it would be right to find some sort of compromise," on Iranian output, Putin said in an interview with Bloomberg, a transcript of which was published on the Kremlin website.

Economy News Headlines – Yahoo! News

Bloomberg: Trump a ‘Con,’ ‘Demagogue’

July 28, 2016 |

Perhaps in an effort to fight fire with fire, the Democratic National Convention welcomed its own New York billionaire to the stage Wednesday night. As a former Republican and current Independent, former New York City mayor Michael Bloomberg came out against parts of the Democratic platform but fully against Donald…

Morgan Stanley Must Resubmit Capital Plan in Fed Stress Test – Bloomberg

June 29, 2016 |


Morgan Stanley Must Resubmit Capital Plan in Fed Stress Test
Morgan Stanley was alone among the largest U.S. banks in stumbling through the Federal Reserve's annual stress tests, getting conditional approval to increase payouts to shareholders. Thirty other firms passed, while two subsidiaries failed. Morgan
Fed Stress Tests Clear 31 of 33 Big US Banks for Capital ReturnsWall Street Journal
Deutsche, Santander fail US stress test; Morgan Stanley gets second chanceReuters
3 banks got tagged in latest Fed 'stress test'USA TODAY
New York Times –PR Newswire (press release) –Washington Post –Forbes
all 196 news articles »

Business – Google News

Bloomberg Philanthropies Provides $100M To Improve Health Information In 18 Countries

June 27, 2016 |

Eighteen countries will receive technical assistance and funding to develop new tools and systems to help gather more accurate information about the health of their citizens, Bloomberg Philanthropies announced this week.

The group, which is funding Data for Health, a four-year, $ 100 million initiative aimed at improving health data in low- and middle-income nations, said it has the “potential to impact the lives of one billion people,” noting that many medical records currently do not provide accurate or specific information, limiting the ability of public health professionals to make informed decisions. Most popular stories