This is genius and I love it (inasmuch much as you can love fraud). How to defraud crypto investors these days? Create a currency that you claim is pegged to the dollar (but never actually show you hold the assets). Then use it to buy as much cryptocurrency as you like. Step 3: profit!!! :)
Edit: it is basically a ponzi scheme that would make Madoff proud.
For attribution, please cite this work as
Barg (2021, Jan. 16). Julian Barg: Tether defrauding everybody. Retrieved from https://www.jbarg.net/posts/2021-01-16-tether-defrauding-everybody/
BibTeX citation
@misc{barg2021tether,
author = {Barg, Julian},
title = {Julian Barg: Tether defrauding everybody},
url = {https://www.jbarg.net/posts/2021-01-16-tether-defrauding-everybody/},
year = {2021}
}