A friend of mine, who works in finance, asked me to explain what Tether was.| www.kalzumeus.com
I described Tether in 2019 as “the internal accounting system for the largest fraud since Madoff.” This remains true. Earlier in 2022, in the wake of the Luna/USDT collapse and shockwaves hitting the industry, I wrote that their May 2022 attestation showed that, even if one believes the contents of the attestation, they again went insolvent and required recapitalization.| www.kalzumeus.com