Sorry if my question is stupid, is Tether not on a blockchain that anyone can verify? I guess I am asking how they were able to cheat if that makes sense.
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Sorry if my question is stupid, is Tether not on a blockchain that anyone can verify? I guess I am asking how they were able to cheat if that makes sense.
This is a common misconception of block chains. Although once the information is written on the blockchain it is unchangeable and it is verifiable, the information or data input must have been correct and factual. Tether is not set up in a way where there is a system that recordes the inputs and outputs of US dollars in such a way that is recording it each time onto the blockchain. The usdt token is blockchain, but their bank accounts are not, and therefore they are not verifiable outside of an audit.