He managed to keep it up until all of a sudden he couldn’t. Madoff was undone when he had to produce 440 million that he didn’t have.

Meanwhile, Tether was able to meet billions on withdrawals, several times. After Terra collapsed, I seem to recall they saw $15B in redemptions, but I can’t find any reputable links on that. If Tether was a scam, shouldn’t it have failed a long time ago?

People outside of crypto don’t realize how massive Tether is, and how much money it has under management. As much as the crypto bros dislike Ce tral Banks, Tether has turned into one. If Tether were to ever implode, it would take most Crypto businesses with it.