Tether Boasts Record Profits—But Reserve Claims Remain 'Dubious'

Former SEC enforcement attorney John Reed and Tether's CTO, Paolo Ardoino, engaged in a lively discussion after Reed tweeted a fierce criticism of the company. Reed is distrustful of Tether due to its opaque financial statements and lack of regulatory framework. Ardoino responded with Tether's latest Attestation Report, but Reed remained skeptical and countered with criminal charges against the company. Ardoino defended Tether with an 18-bullet point defense, but Reed concluded that the only beneficiaries of crypto are "grifters" and "criminals".