Oh, gee, another excessively dramatic article about crypto/Tether (see “… a potential criminal case that would have broad implications for the cryptocurrency ma

Oh, gee, another excessively dramatic article about crypto/Tether (see “… a potential criminal case that would have broad implications for the cryptocurrency market.”) My gut tells me that the Tether team did break some laws when trying to find a bank to hold their hundreds of millions/billions of dollars, but I don’t think Tether is a scam, since I think they do have the cash reserves to back the stable coin. Their problem was too much success: they literally had too much money and banks didn’t want to touch it, so Tether was forced to become “creative” because you can’t exactly store hundreds of millions of dollars under mattresses. I don’t see how Bitfinex/Tether making money hand over fist from collecting usurious trading fees will bring down crypto markets. Just because some bank executive is found guilty of breaking banking laws doesn’t mean it will have broad implications for the entire banking system.