Krakens definitely trying to push USDT over the edge by opening margin trading.  

My 5c is that this will all workout fine for Tether in the end and the usual bunch of people with inside info will have made some good money out another creative interpretation of the latest money making trend in crypto land- over dramatise the latest news (block size debate, exchange banking issues), get cointelegraph etc to play along, wait for the weak hands to panic, collect their crypto at bargain prices.