Crypto Firm Tether Says It Has $1.8 Billion in Bahamian Bank

(Bloomberg) -- Tether, the company behind the controversial namesake cryptocurrency, said it has a bank account with Bahamas-based Deltec Bank & Trust Ltd.

In a statement Thursday, Tether attached a letter attributed to Deltec saying that the crypto company had $1.8 billion in the account as of Oct. 31. A Deltec spokeswoman didn’t immediately have a comment.

Tether has grown to become one of the most traded digital assets, but has been shrouded in concern that it’s not actually backed by dollars as its creators claim. Much of that uncertainty has arisen because Tether refuses to be audited and has kept investors in the dark about its banking relationships.

Deltec is an “independent financial services group that delivers bespoke solutions,” according to the bank’s website.

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