Matt Levine is a national treasure
This article is a perfect example: he dismisses the nihilist’s “everything is a fraud” perspective while still heaping some rightful schadenfreude on these shenanigans. Then, he turns it around (again) by mentioning how this situation is partially caused by Tether’s inability to find partners in traditional payment providers.
Throughout his work, he never succumbs to either blind love or hatred for anybody or any group (government, media, Musk, Crypto enthusiasts, banks, that Pharma bro). When they are universally hated, he will invariably highlight how creative or entertainingly brazen their exploits were, while still managing not to excuse them. Where others see individual moral failings and call for pitchforks, he looks at the structural issues in law or society that enables them.