Via Doomberg:
Tether just lost its FOIA appeal. Coindesk is getting the materials on what assets backed Tether during the NYAG investigation back in 2021... pic.twitter.com/MCjhX98j7A
— Doomberg (@DoombergT) February 10, 2023
This could be the biggest explosion in crypto since, well, foreever.
Bankman-Fried and FTX will look like children playing children's games if it turns out Tether has been fraudulently stating their "coin" was backed by real assets.
An awful lot of bitcoin has been purchased with Tether and if Tether has just been creating tethers out of thin air the scale of the fraud is in the hundreds of billions of fiat $.
