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Firm founded by FBI director Louis Freeh didn't conduct a formal audit but had access to Tether Ltd's bank accounts and confirmed deposits of $2.55bn, assuaging concerns that the currency was not actual backed by US dollars.
The law firm included several caveats to its findings. “FSS is not an accounting firm and did not perform the above review and confirmations using Generally Accepted Accounting Principles,” according to its report. “FSS has not performed any procedures or made any conclusions for activity prior to or subsequent to June 1st, 2018, Close of Business.” The firm added: “FSS has assumed, without further inquiry, that the bank personnel providing the confirmations were duly authorized to provide such confirmations, and that the confirmations were correct.”
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