Is Tether really backed by USD? The evidence so far

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The stable coin Tether is supposed to be pegged to the USD by being 100% backed by dollars.  After a promised audit didn’t go through, rumors swirled as to whether Tether is real or not.  This story is an attempt to gather the evidence so far and figure out the journalistic next steps to find out more.

What is publicly known so far

This section should be a summary/timeline of Tether, the promised audit, the end of the audit without completion, and what has been said since then.

A recent piece by the New York Times reported that researchers found Bitcoin’s price was artificially inflated last year. “They found that half of the increase in Bitcoin’s price in 2017 could be traced to the hours immediately after Tether flowed to a handful of other exchanges, generally when the price was declining,” said the report.

Who should we interview?

The company insists that under an NDA, anyone can see the evidence.  Presumably at least some very large exchanges or very large customers of Bitfinex will have done so to assure themselves – who are they and are any willing to speak?

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