It has been revealed that cryptocurrency Tether has separated from its auditors. In a statement on 27th January, Tether announced that its partnership with Friedman LLP had ended. It was confirmed that they had realised an audit would not be achievable within the timeframe, and had ended the inspection. Experts have now warned that this may result in cryptocurrencies being criticised further.

This news comes after Tether generated a digital currency entitled USDT that worked alongside the dollar. Dubbed a ‘stablecoin’, it was knocked by a $31 million raid in November 2017. The heist led critics to suggest that Tether was experiencing challenges regarding its creditworthiness. Numerous media outlets also questioned Tether’s control and maintenance of its digital currency.

At the time, Tether responded by saying that these comments were uneducated, and confirmed that the audit carried out by Friedman would acquit the company. They added that whilst they are aware the public are seeking completion of the audit, it cannot be hurried, and that they are not the only customer of Friedman.

Tether commented on 27th January to explain that they were the first group to be part of this practice, and therefore there was no guide or benchmark to measure it.