[vmception]

No, the authorities specifically said it was backed 1:1 like Tether said, until Tether became a self-referencing meme of itself and NY moved on them when it wasn't. Basically most of the time, people were wrong about Tether.

[part1of2]

You're drawing a conclusion that isn't there. The AG is not never said they reviewed Tether's books and it was indeed 1:1