Not even the seemingly-infinite pumping of Tethers (now $1.6 billion and counting) can keep the price afloat. We're going to see further correction before the end of the month.
- Can you buy/sell bitcoin for tether?
- Has tether ever released an audit?
The had a CPA sign an affidavit swearing they had enough cash to match their tether tokens. The CPA firm seems legit. But he never looked at tether's books. The tether tokens are only one of many possible liabilities. If tether borrowed a bunch of money (from banks, users, etc), they could be easily insolvent while still having enough cash to only pay out tokens.
There is no legal mechanism to put tether token holders at the front of a bankruptcy creditor line.
And that was months ago. They printed 200 million tether yesterday. That amount seems unrealistically high.