I don't understand why folks are making such a big deal about Tether. If it is indeed a scam, wouldn't that imply a $2-$3 billion scam at most? What am I missing? As of this writing, the entire crypto market cap is at a recent low of $300 billion. Tether would be around 1% of the total market.

The value of the crypto which is actually in flight in day-to-day trading is probably orders of magnitude less than that, though.