Bankruptcy proceedings start complicated with individuals and go straight up from there, so you're definitely right to point out that there are no guarantees.

Bankruptcy proceedings start complicated with individuals and go straight up from there, so you're definitely right to point out that there are no guarantees. But the point is that the USDT people are already some combination of accused/investigated-for/sanctioned-for misrepresenting the amount and quality of the collateral, seem to have very little to lose by doubling down and to many (most?) people look like a worse credit risk than CoinBase.