> I would love for Tether to die, personally. So many lies and violations have surrounded them from Day 1.
Weirdly enough under a FOIA request it came to light that tether provided documents proving (unless they gave false documents to the state of NY) they had 40.6 billion out of the 40.8 billion of tether printed back somewhere in 2021. Including the names of all the (big name) banks where they had gold/ETF/commercial papers/treasuries etc. in custody.
They're definitely more than shady. If they've got the USD backing the tether they say they have, it's probable it all started by printing their way into solvency, creating USDT out of thin air.
But it's also possible a big percentage of the USDT circulating are actually backed by real things. Which came as a surprise to me.
I mean either that or they sent fake documents to the NYAG. But I doubt it because I take it these big name banks have been contacted by US authorities that, I take it, verified the numbers tether gave them?
So, thanks to a FOIA request, it looks like tethers/USDTs were at least up to 2021, backed nearly 1:1.
Now they pulled 40 more billion, doubling that amount, since then, out of some hat. Real or not: I sure have no idea.
I would love for Tether to die, personally. So many lies and violations have surrounded them from Day 1.
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Misrepresenting attestations as audits. Stating that they had audits but since they were in Mandarin, they wouldn't be released.
Murky banking connections.
Statements from their bank that implies that the bank is heavily in bed with them ("we can see the flows and orders coming into them...")
and on, and on, and on.
Would not shed a tear.