Tether, a U.S. cryptocurrency company, has been ordered to turn over banking records as it tries to prove its cash reserves are real after investors worried about the safety of its virtual coin vanished from the market, Reuters reports.
Williams said her clients all have “good faith” in Tether and the stability of tethers is a priority for them. The two executives responded by rebutting some of those concerns, with Tron CEO Justin Sun saying that his reason for working with BitTorrent was because “it became apparent that I could not continue my work on TRX with something else as big as BitTorrent as an entity pushing against me… it would be one more thing getting in between our mission and my focus on TRX development.” He continued, “The answer came to me quickly: it would be better if there were another use case for blockchain internally within BitTorrent.. so from a very early moment we started exploring bringing bitshares into a partnership with us.”
As the Wall Street Journal reported back in January 2018 , just weeks after claiming that they deliver 70 percent of their revenue through advertising alone ,but refused to provide details related to where that money is going or how much they make (or lose), Tether announced its new plan to launch an ICO (Initial Coin Offering) tied specifically to BitCoin Cash (BCH). Many who had long anticipated such an announcement found Tether’s actions