Of course they wouldn’t have exposure to a bank in the US. There’s a reason that Tether has to do business with the more dodgy kind of offshore banks… Their exposure to any banks is likely far, far smaller than their claimed cash reserves, so it’s unlikely to be a bank crash that stops the Tether musical chairs…
You do realize that everything Tether says is a lie ?
It's all just a huge scam.
It's not easily provable with Treasuries, but it was easily provable when they claimed to hold something like the 8th biggest position in US commercial paper - which is not traded anonymously - and no commercial paper trader ever traded with them.
Tether has lots of experience in this field. They were "pioneer" and they went through a lot worse: Tons of FUD, the Bitfinex exchange hack, lawsuits, bank runs etc...
In short, they are battle and stress tested to the maximum.
I don't know whether you're uninformed or deliberately misleading, but that's entirely wrong. He fell after he confessed his crimes to his kids and they informed the FBI (on 2008-12-10, with his arrest the very next day).
However, people had been informing the SEC with suspicions a decade earlier, as recounted in the book No One Would listen: "Madoff Securities LLC was investigated at least eight times over a 16-year period by the U.S. Securities and Exchange Commission (SEC) and other regulatory authorities."
> Tether has lots of experience in this field. They were "pioneer" and they went through a lot worse: Tons of FUD, the Bitfinex exchange hack, lawsuits, bank runs etc...