People don't really trust them, but it's not like you have a choice if you want to be in crypto. It's more of a calculated risk that you have to take.

The explanation behind them putting off the audit might have nothing to do with tether. It could be concerns about what an investigation could uncover in their creative bookkeeping, being an incredibly profitable, offshore, unregulated company and all.

In the end, the whole situation boils down to

1) Did people really wire them the equivalent of the entire tether market cap?

2) Did they use the money?

I don't think it's unrealistic that ~1.5B has entered the market in the last few months.

I also don't think it's impossible they didn't need to touch that money, given that they seem to pocket 8 figures in fees daily. That's not even counting all the other things they can legally do as an unregulated exchange, like front-running, liquidation fishing with unlimited assets, etc.