And I honestly am surprised how pedestrian the fraud was. It sounds like they had the cash to back tether and just flat out stole it to cover for a trading loss. This has happened countless times before.
Where do you see anything like that? The report says that their funds were frozen by Crypto Capital as the result of (claimed) seizure by governments. The funds were borrowed from the Tether reserves to cover that shortfall. AFAIK, nowhere does it state that there was any trading loss.
not convinced about that. there are some reports for and some against the argument but nothing proven