Seems like the obvious thing to do is set up a large Bitcoin short position, buy a bunch of tethers, and publicly try to redeem them If tether has backing, you

Seems like the obvious thing to do is set up a large Bitcoin short position, buy a bunch of tethers, and publicly try to redeem them If tether has backing, you only lose the tether premium. Otherwise you lose all your tethers, but hopefully you make it back on the rest of your crypto shorts.