The true state of obliviousness in crypto is still baffling. Despite billions of dollars and repeated offenses by countless wolves over the past 10 years in all of crypto, no one bats an eyelash at the lack of any tangible* evidence from the largest stablecoin.
Some people thought that USDT gain its merits by simply being the largest stable coin, therefore many of them didn't look deeper into what it is all about, they presume it is fine since many people are using it. By relying on the masses' usage of USDT and/or a piece of attestation for the transparency, they assume it is all good. What can we expect from a platform that relies on trust while the masses blindly give the trust?
That is their power, they managed to make 80+ billion dollars worth of investors trust them, and nearly blindly as well. They convinced all of those people to invest into USDT, offer absolutely no return, they simply just said "here, this is pegged to usd" and nothing more and they have been making billions and billions off this deal, simply just because they can print some fake stablecoin, and they can pay you back when you ask for the real one, that's it, that's all they are good for and made billions based on that.
This is why they are so dangerous, and they may not be good people, but they are super smart, how many people could offer NOTHING and still make billions?