We know tether has neither the bank account nor the backing money, as the NYAG lawsuit tells us. Tether doesn’t even have a banking relationship let alone a mattress big enough to hide eighteen billion dollars under lol
This is the classic emperor has no clothes situation. Nobody in crypto wants to expose them because the value of their own holdings will plummet to zero. And at $18B they’re basically too big to fail. As much as people pretend otherwise Tether and Bitfinex is defining the price of crypto, everything else is a rounding error.
I believe this is the latest update on the suit. [1]