There is to the very least (volontary ?) missed guidance or fake advertising as people expect 1 USDT = 1$ yet don't even have half of it in true $.
If it ain't a Ponzi it's a fractional reserve and illegal/unregulated banking...
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I agree with you. Even though they are not redeemable, and may be legally "just" in their jurisdiction (which, iirc, is some money-laundering island like the Caymans) people should be exhibiting extra caution at these ATHs, especially given the lagging fundamentals of BTC.
There are possibly numerous 'rules' being broken somewhere along the line, yes - but I am not familiar enough with the contracts involved and the legislation that is relevant (or even which jurisdiction applies) to comment with any sense of accuracy!