The head of financial company Cantor Fitzgerald, Brandon Lutnick, announced a personal audit of Tether’s reserves at the beginning of the collaboration between the companies. This information was revealed at the Consensus 2025 conference, as reported by CoinDesk.
This is reported by Бізнес • Медіа
Tether Reserves Audit
According to Lutnick, the audit dispelled rumors circulating in the crypto community about a potential shortfall in Tether’s reserves. He noted that since the partnership began, numerous assumptions had arisen regarding the company’s insufficient asset backing.
In 2019, New York Attorney General Letitia James accused Tether of lacking nearly $1 billion on its balance sheet. As a result, Tether and its sister company Bitfinex reached a settlement with the regulator, CoinDesk reports.
“I personally audited a significant portion of their reserves, and we proved that many of those rumors were false.”
Experience in the World of Cryptocurrencies
Lutnick also denied information published by Bloomberg that he supposedly interned at Tether in Lugano, Switzerland, in 2023, assuring that this is not true. However, he acknowledged that he learned a lot about cryptocurrencies thanks to the Tether team.
It is worth noting that recently WSJ reported that Cantor Fitzgerald acquired a 5% stake in Tether for $600 million.