They dropped the claim of being backed by cash and now openly admit it on their website that they are backed by "other assets", which is probably mostly bitcoin

They dropped the claim of being backed by cash and now openly admit it on their website that they are backed by "other assets", which is probably mostly bitcoin they buy with all that fake money they print, which in turn raises the price of bitcoin so their "reserves" go up on paper. >Nobody in crypto wants to expose them because the value of their own holdings will plummet to zero Gotta give it to them it's a pretty smart scheme. Print money out thin air and co-opt the whole crypto community to not question it as it'd crash everything. I do wonder how much longer that can continue.