> Banks still need their books to balance. That means that their liabilities can not exceed their assets. Tether's books do balance. They've made a loan to Bit

> Banks still need their books to balance. That means that their liabilities can not exceed their assets. Tether's books do balance. They've made a loan to Bitfinex. That loan is an asset equal in value to the missing funds. Now, you could make the case that Bitfinex is insolvent, and therefore you ought to mark down the value of that loan. However, Bitfinex is generating a ton of revenue, and should have no trouble making payments on that loan. So, your argument pretty much falls apart, unless you have some other reason to expect Bitfinex to miss payments.