Certainly nobody involved in cryptocurrency has ever been known to take dumb risks, lose everything, and end up rotting in prison.
Now, it's just a question of degree: they're so profitable they can recover from being fractional rapidly. OTOH, why mess with a working formula?
To be clear, I have zero financial interest in any crypto, I just think it’s premature to assume the worst just because of the industry.
And they later detailed the $1bn Tether printed for Celcius in return for collateral (once Celcius collapsed and they claimed it was fully repaid).
Understand: for modern banks this kind of fractional behaviour is considered normal. It's only from the weird Bitcoin perspective that full reserve would be a requirement.
TBH I'm not sure if they're allowed to operate in NY though.
This is pretty hilarious coming from someone defending a company that refuses to produce a legitimate audit. (no, an "attestation" is not an audit)
If all they're doing is sitting on a giant big pile of cash and treasury bonds, it should be absolutely trivial to provide proof: here's where those assets are deposited.
And I’m not “defending” anything other than the basic idea that when one has not proven something, one cannot claim it as true. Nobody has been able to prove Tether is a scam, so it isn’t.
This right here is amazingly revealing of the mindset that leads fools to become separated from their money. What's the opposite of caveat emptor?