"the company revealed in a court filing that tether was only 74% backed by reserves" Given a total supply of 4,207,771,504 USDT, that's a bit over a billion dollars they've printed out of thin air.
Big news for anyone interested in crypto. Another nail in the coffin for public acceptance as a currency to. I know blockchain and the stuff it allows like Oracle contacts are catching on. I think, at least from my casual observation of crypto, that it wont be used as a currency beyond anonymous transactions and investment. I wonder if there will be data supporting manipulation before this instance the article talks about.
The majority of shenanigans associated with crypto are actually crypto exchanges. Aside from the Dao, it's pretty much been people giving control of their crypto to other people, not the blockchain that has caused the heartache. Which means yeah - if you're not at a level of sophistication where you can distinguish between currency and the bank that it's in, you're likely freaked out about Bitfinex being shady AF. Which is admittedly nearly everyone when it comes to crypto. If you're the type to contemplate the difference, you've probably been a whole lot more aware of security than anyone else you know for quite some time.