I'm not sure why you're quibbling. At one point Bitfinex reached in and took out hundreds of millions of dollars from the reserves Tether had to cover the money

I'm not sure why you're quibbling. At one point Bitfinex reached in and took out hundreds of millions of dollars from the reserves Tether had to cover the money they had lost to Crypto Capital Corp. At the time they had a market cap of about $2B, so that was ~25% of reserves wired out. [4, S. III pages 6-9]. That's just one example. There is, and I can't stress this enough, literally no reason for you or anyone else to trust these people. They've never published audits, one of their auditors (Friedman LLP) literally walked away once they saw their books. Then for some of the attestations, they literally wired money in the same day from Bitfinex, then wired it out the next to make it look like they had the reserves. > If there was this massive shortfall/scam that you are alleging, those press releases would have spared no details in describing them. They did. [1] Also, it was covered in the NYAG settlement and the CFTC settlement I linked. I strongly suggest you give them an actual read-through. The entirety of the section III of the PDF covers it in painstaking detail. > Reading your comment without this context would lead a casual observer to conclude that the assets backing the issued USDT held a value of 27.6% of the USDT's face value, which is entirely different than reserves equalling ~100% of USDT in value, but with a significant fraction of assets constituting those reserves not being of zero-risk fiat as the marketing arguably implied. Not only is that is than an obvious misreading of the comment, it wasn't my comment, it was a direct quote from the CFTC website - but then you go on to claim something I never claimed. Let me be clear then: 1. There periods they were physically unable to fulfill demands because they had no bank account access [4]. 2. At other times, their peer organization raided the kitty and literally took the money (because the same executives gave almost a billion dollars to a company indicted for laundering money for - among others - the Colombian cartels, without a contract, and whose execs are in prison or on trial). [2,3] 3. At other times, they invested in illiquid securities and got rekt (they invested in Celsius for instance). Stop giving these people a lick of credit, stop apologizing for them, and demand some proof. [1] https://www.coindesk.com/markets/2019/04/25/bitfinex-covered-850-million-loss-using-tether-funds-ny-prosecutors-allege/ https://www.coindesk.com/markets/2019/04/25/bitfinex-covered... [2] https://www.coindesk.com/markets/2019/10/25/polish-police-arrest-head-of-payment-processor-tied-to-bitfinex-crypto-exchange/ https://www.coindesk.com/markets/2019/10/25/polish-police-ar... [3] https://www.coindesk.com/business/2022/04/25/reggie-fowler-pleads-guilty-in-crypto-capital-corp-case-tied-to-bitfinexs-missing-millions/ https://www.coindesk.com/business/2022/04/25/reggie-fowler-p... [4] https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf https://ag.ny.gov/sites/default/files/2021.02.17_-_settlemen...