“The first draft of the audit report is with me. I’ve asked for more clarity and context in several parts, but progress is being made swiftly,” stated Hoskinson in a recent X post.

Provided there are no unanticipated delays and the work maintains its current momentum, Hoskinson is optimistic about a mid-August release.

Back in May, Hoskinson had promised to release an audit report of IOG’s treasury holdings after refuting claims that $600 million in Cardano (ADA) had been misappropriated. He expressed his disappointment with the community’s mistrust following these allegations.

“IOG never took 350 million unclaimed ADA for itself. This is a falsehood. The majority was claimed, and the remaining that was forfeited after a seven-year waiting period was given to Intersect,” Hoskinson clarified in a May 6 X post.

The allegations came under the spotlight from several community members, including NFT artist Masato Alexander, who accused Hoskinson of manipulating the Cardano ledger with a “genesis key to rewrite it and gain control” of $619 million in Cardano during the 2021 Allegra hard fork.

Hoskinson confirmed that he would offer a detailed explanation of the audit via a livestream when the report is released. “I will walk through the entire report on a livestream once it’s out,” he said, adding that a special website will host the report along with “other historical artifacts from the sale.”

He also hinted at possible legal action against those who made the allegations, saying, “I’m meeting with a defamation law firm next week to discuss our strategy and potential actions.”

The post Hoskinson’s Audit Report Preps for August Reveal Amid Allegations appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Trade Wars to Pressure Crypto Markets till April: Analysts

Despite numerous positive crypto-specific developments, the crypto markets will remain under the shadow of global tariff fears at least until April 2, says Nicolai Sondergaard, a research analyst at Nansen. Risk assets may lack clear direction until tariff-related issues are settled, which could occur between April and July, according to Sondergaard, potentially creating a positive market catalyst. President Trump’s reciprocal tariff rates are due to take effect on April 2, contradicting earlier statements by Treasury Secretary Scott Bessent that hinted at a possible delay.

Tether in Talks with Big Four for First Full Financial Audit: Report

Tether is reportedly in discussions with a Big Four auditing firm to conduct a comprehensive audit of its asset reserve and confirm the 1:1 backing of its USDT stablecoin. Paolo Ardoino, Tether’s CEO, expects the audit process to be smoother under the pro-crypto US President Donald Trump, amidst growing concerns about a possible FTX-style liquidity crisis for Tether due to its absence of third-party audits. Ardoino expressed optimism about Tether’s audit, but he refrained from naming the Big Four auditing firm—PwC, EY, Deloitte, or KPMG—with which Tether plans to collaborate.

Tornado Cash Removed from US Sanctions List

The US Treasury Department has officially removed Tornado Cash, a crypto mixer, from its sanctions list. This decision follows a January ruling by a US appeals court which indicated that the Treasury’s Office of Foreign Assets Control (OFAC) cannot sanction Tornado’s smart contracts as they do not belong to any foreign national. The Treasury announced on March 21 that OFAC has removed several dozen Ethereum-based smart contract addresses affiliated with Tornado from its sanctions list. Tornado’s native token, Tornado Cash (TORN), surged by around 60% on this news, with a market cap of approximately $73 million and a fully diluted value of nearly $140 million, according to CoinMarketCap data.

The post Crypto Daily Roundup: Tether Plans for Audit, Crypto Market Pressure, Tornado Cash Off Sanctions List appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

CEO of Tether, Paolo Ardoino reportedly stated that the auditing process will be smoother in the pro-crypto environment fostered by US President Donald Trump. This follows increasing apprehension within the industry that Tether might face a liquidity crisis similar to FTX, due to the absence of third-party audits.

Ardoino expressed optimism about the upcoming audit, expressing to Reuters on March 21, “If the President of the United States says this is top priority for the US, Big Four auditing firms will have to listen, so we are very happy with that.”

Despite not specifying which of the Big Four firms – PwC, EY, Deloitte, or KPMG – Tether plans to engage, Ardoino emphasized that the audit was of paramount importance to the company. Tether, which currently releases quarterly reports but not a comprehensive annual audit, is making strides towards offering greater assurance to investors and regulators.

The company recently appointed Simon McWilliams as its Chief Financial Officer, a move seen as a preparatory step towards the impending financial audit. Tether’s USDT stablecoin maintains stability by claiming it’s pegged to the US dollar at a 1:1 ratio, backed by reserves that include traditional currency, cash equivalents, and other assets.

However, Tether’s lack of transparency has been a cause for concern in the industry. In 2024, founder of Cyber Capital, Justin Bons, referred to Tether as one of the significant threats to crypto due to the unverified claims of holding $118B in collateral. Similarly, a report by Consumers’ Research criticized Tether for its opaqueness.

In 2021, Tether was fined a $41 million civil monetary penalty by the United States Commodities and Futures Trading Commission (CFTC) for misrepresenting that USDT was fully backed by reserves.

Recently, Tether expressed dissatisfaction over new European regulations that compelled exchanges like Crypto.com to delist USDT and nine other tokens to comply with MiCA. A spokesperson for Tether voiced concerns over the “rushed actions” and their unclear basis.

At the time of writing, Tether has yet to respond to Cointelegraph’s request for a comment.

The post “Tether in Talks with Major Auditing Firms for First Comprehensive Financial Assessment: Update” appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.