Tether Calls Out CoinDesk Not To Disclose Any Information Amidst USDT Attack

Key Points:

• Tether calls on CoinDesk not to disclose confidential customer data or sensitive commercial information.
• Tether reduces its commercial paper holdings to zero and drastically reduces its secured loans portfolio, aiming to bring it to zero in the coming months, debunking detractors’ unfounded FUD.

Tether recently revealed that the New York Attorney General’s Office had provided CoinDesk with documents relating to their case. CoinDesk reported an attack on USDT via DeFi and CEX on the same day the documents were released. Tether has requested that CoinDesk not disclose any information about their past or current customers.

According to Tether, they have been in the news again lately due to their reporting obligations to the New York Attorney General’s Office. Earlier this year, Tether completed their reporting obligations under the terms of their 2021 settlement. This settlement called for reporting about Tether’s reserves each quarter for two years. Tether fully honored this obligation, and there has been no suggestion that the disclosures were incomplete or that the reserves were ever inadequate.

CoinDesk sought public disclosure of materials relating to the first of Tether’s quarterly reports under New York’s Freedom of Information Law. This morning, the New York Attorney General’s Office provided responsive documents to CoinDesk, which Tether has called on CoinDesk not to disclose information about its past and current customers. Tether initiated proceedings to prevent the public dissemination of confidential customer data and to prevent the use of sensitive commercial information that malicious actors could potentially exploit.

Among the documents disclosed are statements from Tether’s banks showing the full existence of their reserves, as demonstrated by their publicly-disclosed, independent, third-party assurance attestations. Tether has been applying best-in-class asset management concepts, short-term investments, and diversification.

As per the report, these materials should debunk all that unfounded FUD. Furthermore, the materials are outdated and do not accurately reflect the present state of their reserves, nor do they account for the transformative changes in their ecosystem. Tether has reduced its commercial paper holdings to zero in mid-2022 and drastically reduced its secured loans portfolio, with the aim to bring it to zero in the coming months.

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