The president of Cantor Fitzgerald, Brandon Lutnick, personally verified the tether reserves when the company began its relationship with the Stablecoin giant, he said Wednesday at consensus 2025 in Toronto.
The 27 -year -old said that in the first days of the relationship of Cantor Fitzgerald and Tether, there were “many rumors” that Tether did not have the assets he said to have, referring to rampant speculations that Tether was not completely backed. The New York Attorney General, Letitia James, alleged in 2019 that Tether had a hole of almost $ 1 billion in her books, although the regulator then resolved these accusations with Tether and her sister firm, Bitfinex.
“I personally checked many of his reservations, and we showed that many of those rumors were wrong,” Lutnick said. Tether has maintained that he has been completely supported, at least since his agreement with New York.
Lutnick was appointed president of Cantor Fitzgerald, the private parent company that controls the investment bank of the same name, Brokerage BCG Group and Commercial Real Estate Company Newmark Group, in February, shortly after the president of the United States, Donald Trump, appointed his father, the former CEO of Cantor Fitzgerald, Howard Lutnick, Secretary of Commerce of the United States.
Before taking the helm at Cantor Fitzgerald, Lutnick worked for the firm in another executive role. He denied the Bloomberg reports that happened with Tether in Lugano, Switzerland in 2023.
“Bloomberg really reported that I was a tied intern. That’s not true,” Lutnick said. “But I learned a lot about the cryptography of the boys of Atar, they put me orange.”
