Bitfinex and Tether is unauditable: Why they will never do a real audit.

  1. Tether actually has the dollars.
  2. Friedman was in fact willing to audit Tether and Bitfinex, but wanted more information than Bitfinex and Tether were willing to provide.

What matters is the order of the transactions, and who legally owns the account.

Bitfinex and Tether could have supplied recent statements to Friedman LLP showing balances, but it’s very important to VERIFY how that money came to be.

We need the promised 2016 audits as well

Once they hired Friedman, they claimed they were only doing audits from June 30th, 2017 onward.

The Bitfinex ‘shelf’ corporations

Bitfinex and Tether are likely prohibited from opening bank accounts. They’ve been completely blacklisted because the banks rightfully have money laundering concerns.

Two of the three shell accounts Bitfinex has been using. Source
Notice the nominee director is the same as “CRYPTO SP. ZO.O”

You can’t audit this!

If you are in fact operating in this manner, you can also choose to cheat once in a while… because when you cheat… it looks like all of the other transactions.

“R” is the Founder of Bitfinex Source

Once a cheater, always a cheater.

Bitfinex and Tether from what I understand, are seeking another auditor. Here’s the problem with that theory.


As I’ve said many times before, Bitfinex will never be able to complete a real audit. For the size of their company, they need a Big 4 accounting firm to audit them.



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Blog for @Bitfinexed on Twitter. Exposing possible fraud by largest Bitcoin exchange, Bitfinex/Tether