Has Tether exhausted all of its cash on hand and is now forced to sell raw Bitcoin (its ‘cash equivalents’) for every redemption? Sounds like a wild accusation, but today’s $500 million Tether redemption perfectly lined up with that gigantic market dump of Bitcoin.

We have known for a while that Tether isn’t 100% backed by cash, but I think crypto faithful wanted them to be at least somewhat legit. Because, cmon – they weren’t really just printing tethers out of nowhere and buying raw bitcoin with them… were they? Also we’ve known that Read more…