"A company called Bitfinex sponsors a cryptocurrency called Tether. This crypto is a so-called 'stablecoin'. This means that the value of one Tether is fixed at $1.00."When you buy a Tether for $1.00, the money is supposedly held in safe liquid assets. When you cash in your Tether, you should receive $1.00 in return (less small transaction costs)."The problem is that no one has been able to reliably locate the liquid assets that supposedly back Tether. There has been no genuine audit, and there is no transparency about the whereabouts or composition of the liquid assets backing the coin."