This demonstrates my biggest issue with the crypto ecosystem in general. We've combined financial complexity, technical complexity and a lack of regulation and created a fruitful environment for scammers and con-artists to run amok. 99%+ of crypto investors have little idea how the system works on a financial or technical level and it's one of the reasons I've personally avoided it.

I probably have reddit comments from years ago pinning Tether as a major risk to the entire bitcoin ecosystem. If you can't reliably move bitcoin to and from USD then Bitcoin's utility starts to rapidly approach 0.