[wmf]

Tether admitted they loaned USDT against BTC collateral and they allowed the collateral to be delivered later (basically T+2 settlement). When the order book is shallow this is basically free market manipulation. It's not clear how much loaned USDT exists vs. regular USDT and what effect this has had on the price.

[wbl]

Not in the crypto world. Failure to deliver is rare in the exchange world but someone out there would run the long con against Tether for that.