Tether Cooks the Books with New Accounting Metric

Tether's latest financial report shows that despite claiming a $1.5 billion 'net operating profit' in Q2, the company actually suffered a loss of nearly $3.2 billion in the same period.

The discrepancy is due to Tether's new accounting metric, which eliminates unrealized gains and losses on volatile reserve assets like gold and Bitcoin.

This move has been criticized as an attempt to mislead investors and mask the company's true financial picture.

Tether CEO Paolo Ardoino defended the company's figures in a tweet, saying that they had achieved a 'great second quarter' despite 'highly volatile global markets.'