I think it's worse. Before, Bitfinex could at least implicitly claim ignorance and that they didn't know people wanted an audit. But now they're showing they're aware of the noise, and their response is a totally bogus statement that proves nothing: FSS practically disavows all its own conclusions, and there is no mention whatsoever of liabilities. If this company actually was on the level, a genuine audit would be no problem, but this report is a clear signal that they are actively (rather than just passively) refusing to do it.
This report actually increases my confidence that Bitfinex is a house of cards and USDT is totally unbacked. For all we know, that "proof of reserves" was borrowed from customer accounts just long enough for FSS to see it, then went straight back.
I think it's worse. Before, Bitfinex could at least implicitly claim ignorance and that they didn't know people wanted an audit. But now they're showing they're aware of the noise, and their response is a totally bogus statement that proves nothing: FSS practically disavows all its own conclusions, and there is no mention whatsoever of liabilities. If this company actually was on the level, a genuine audit would be no problem, but this report is a clear signal that they are actively (rather than just passively) refusing to do it.
This report actually increases my confidence that Bitfinex is a house of cards and USDT is totally unbacked. For all we know, that "proof of reserves" was borrowed from customer accounts just long enough for FSS to see it, then went straight back.