US consumer protection group claims Tether lacks transparency in USD reserves...similar to FTX incident

A U.S. consumer advocacy group has criticized the issuer of stablecoin Tether (USDT) for a lack of transparency regarding Tether’s U.S. dollar reserves.
Consumers Research, a US consumer protection organization,
In its own report, the research firm, Ethereum Research, cited “a lack of transparency regarding Tether’s USD reserves” and “the fact that Tether has not released a full audit report of its USDT reserve dollar holdings.”
"Despite having already promised to audit the reserves multiple times, they did not have an audit by a well-known accountant," he said, adding, "This lack of transparency is a major disappointment for FTX and Arame.
"The situation is similar to what led to the collapse of Dal Research."