Tether has been around far far longer than FTX has. It has also been called a fraud for half or more of that time and it is still standing strong. FTX wasn’t publicly called a fraud, at least here on HN. The moment Coindesk published that FTX and Alameda were a house of cards, the house collapsed in 2 weeks more or less.

Tether has probably made a ton of money by lending newly minted tether at 1-6% annual interest to people pessimistic enough to short it unsuccessfully this whole time, ironically.