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.
Its called greed , nothing else. Tether runs by elite greedy people who like to make fool of public and newbies. They keep on minting new money out of thin air and saying that they don't want to do audit report by credible company . All their lies still does not let public abandoning them altogether. People will understand one day when tether will close when the regulated body will pounce on them . But again by then they might have minted and printed 10s of billions of dollars and have it stashed in bitcoins and many other privacy tokens.
Tether people are the most cunning and smartest brain behind it. They will keep on printing those money until government do crackdown on them