There were over $10b in redemptions over a couple days in may.
“They’re definitely insolvent”.
Source on the “definitely”?
“but that only causes immediate failure when enough people try to withdraw at once”
You mean illiquid, not insolvent.
This demonstrated they had at least $10B of the claimed $80ish at the time.
Bernie Madoff was able to fulfill fairly hefty redemptions, too, until he ran out and the whole thing collapsed. Tether has yet to hit that point, but it's not evidence they've got all the money they claim to possess.
We don't know how close to collapsing that $10B took them.
The number of Tethers outstanding went down by $10bn. That says nothing about redemptions. They could have just cancelled Tether held in affiliated or random peoples’ wallets, we don’t know.
> You mean illiquid, not insolvent
If I have a $10bn debt due and $10bn of real estate, I’m illiquid. If I have a $10bn debt due and my real estate is worth $8bn, I’m insolvent. All evidence to date points to Tether being insolvent.