Do we “know” that? We have evidence for it, but there’s more uncertainty than you’re letting on.
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.
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.