article
by Patrick McKenzie
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.
Tether was (again) undercollateralized in November 2022
Tether’s cryptocurrency and investment holdings declined in value
Tether’s accountants warned about their loans in today’s conditions
But the loans are secured, right?
Does the interest environment help Tether?
Could someone bail out Tether?
How frauds come to light
Do you believe Tether regarding the rest of the report?
Why bother writing this?
Patrick McKenzie revisits the finances and reserve claims behind Tether during the crypto market turmoil of November 2022.
We are not affiliated with Patrick McKenzie. This unofficial audio edition is available to listen to and share for free. See the original selection on Kalzumeus.
Duration
~14 minutes (14K characters)
Release date
Nov 11, 2022