Tether reports net profit of $5.2Billion in H1 2024
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If USDT is this much profitable and large then why everyone is scared and calling it illegal ?
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The answer is > USDT past incidents
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2016 - 17 > Bitfinex hacked and USDT was in question for Reserve because Bitfinex & USDT both are from iFinex.
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2019 > New York Attorney General launched an investigation into Bitfinex and Tether
- $850 Million Bitfinex loss cover up reveal
- 74% backed by cash and securities
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2021 > Paid $18.5 million fine to NYAG for case settlement
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Now, you might have understood why people are scared for USDT