Look up the balance sheets of Tether, Bitfinex and Binance. Their reserves are held in various dodgy instruments and they don't want you to know what those are

Look up the balance sheets of Tether, Bitfinex and Binance. Their reserves are held in various dodgy instruments and they don't want you to know what those are ('commercial paper', point in time attestations instead of audits etc), instead they come up with fanciful schemes like this to distract from the essential facts of where the money resides: https://fortune.com/crypto/2022/11/14/binance-promised-transparency-proof-of-reserves-crypto-ftx/ https://fortune.com/crypto/2022/11/14/binance-promised-trans...