Bitfinex (tether) "lost" $850m

Tether lent (embezzled) almost a billion dollars to bail out bitfinex (tether)

Tether tells no one.

About half a year later, tether updates their TOS so that USDT is backed by "assets" The total "value" of the assets as measured in USD is supposed to be equal to the supply in USDT.

Tether is publicly called out by the NYAG for fraud and misuse of funds.

Tether admits that each USDT is only (at best) 74% backed.

We then discover that tether lends USDT and counts the loan as it's own backing. Tether refuses to ignore requests to verify holdings, only admitting they are insolvent when called out.

That's $2 fucking billion dollars in just 4 months. Just for the past 7days alone, they've printed $125,000,000. How is that possible? Just how?

Tether can print money with 0 oversight. So they do.

But their time will come, next court date with the NYAG is in 8 days.