Hypothesis: I think going after the largest exchanges cuts off any "escape route" Tether might have. Like, FTX is down, Binance and Coinbase is in the scope now

Hypothesis: I think going after the largest exchanges cuts off any "escape route" Tether might have. Like, FTX is down, Binance and Coinbase is in the scope now, which means dumping fake tether in one of these exchanges to sweep up real money is gonna be a lot harder (hopefully). As long as these exchanges are alive, Tether can create billions out of thin air by second-hand theft of customer funds (print fake Tether, buy cryptocurrency, sell for real money), which makes it much harder to chase them down.