[TheAlchemist]

Exactly - a massive failure of regulatory bodies. I wonder why. It was similar with Madoff - there were people literally sending documents showing it's a fraud, and they did nothing for years.

I don't follow crypto lately, but it seems that Tether is printing money in high interest rate period.

But back before that, it was a complete joke - it was so apparent that they published only made up numbers that didn't really add up, pretended to get legitimate transfers of billions of $ on Sundays etc.

They were investigated once by a US A.G. and found out to have lied on the reserves in the past, but nothing really serious happened. They got a fine and were forced to published a pseudo balance sheet, which was a joke (still a bit better than FTX's Excel spreadsheet).

[fellowniusmonk]

Free money and failure to regulate means scammers have never been more flush and able to talk with money. It's not a great space to be in, glad this administration placed Lina Kahn and others, without competition free markets can't operate efficiently. Both regulatory capture and natural monopolies all jam up the works. People don't remember it but one of the best things that ever happened to tech was the anti-trust suit brought against M$, anti-competitive behavior is such a drag on tech innovation, that combined with the incremental win for right to repair is all great progress.

[llamaimperative]

> Exactly - a massive failure of regulatory bodies. I wonder why. It was similar with Madoff - there were people literally sending documents showing it's a fraud, and they did nothing for years.

For this to mean much (unfortunately), we have to know how many legitimate companies are being constantly reported as fraudulent. Similar to the FBI's flawless "they were on our radar" after every mass shooting event... if everyone is on the radar then it's not that informative that this person was too.

Madoff's returns were so egregious that they definitely should've been looked into despite any of this^ though. Arguably Tether should be looked into if only because of the systemic risk it (allegedly?) produces for the crypto universe more broadly. But then again... no one seems to eager to spend a bunch of investigative resources to bail out an economy of anti-government gamblers/degenerates.