TechFlow news, on September 13, according to Cointelegraph, U.S. consumer protection group Consumers' Research released a report on September 12 warning of issues regarding Tether's transparency in its dollar reserves. The organization pointed out that Tether has yet to provide a full audit conducted by a reputable accounting firm. They compared this lack of transparency to the situation prior to FTX's collapse and issued an open letter to U.S. state governors highlighting Tether's potential risks. Meanwhile, Tether has actively responded to external criticisms—hiring Philip Gradwell, former chief economist at Chainalysis, in July to produce USDT usage reports, and announcing in August that it assisted law enforcement in recovering $108.8 million worth of USDT linked to illegal activities.
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