At 8 p.m. on 15 September 2017, accountants checked a bank account to prove Tether had the dollars behind its tokens. The account had been opened that morning, and most of the money arrived later the same day.
How a company that couldn't get a bank account tried to prove it was fully backed — what New York's Attorney General found, what Tether says, and the audit that finally came in 2026.
Part 2 of THE STABLECOIN WARS.
NUMBERS & SOURCES
• 15 September 2017, 8 p.m.; account opened that morning; $382,446,847.71 transferred later that day from Bitfinex's account into Tether's new account at Noble Bank — New York Attorney General settlement agreement (executed 17 Feb 2021), ¶26. The funds were Tether's, held in a Bitfinex account since June 2017 (¶¶20–21).