Except the attestations have stopped saying how much cash they have in their accounts and now just say that Cricle _claim_ they have enough assets to cover the liabilities.

This is a HUGE change and massively cause for alarm.

Probably no depositor insurance but whatever.

Note that apparently attestations just validate that a certain bank account had a certain number at a certain time, which obviously does not account for loan obligations. In Tether's case

> https://www.singlelunch.com/2021/05/19/the-tether-ponzi-sche...

> [Tether was] Failing to complete an audit and settling on an attestation “for transparency”. The morning of the attestation, tether moved $380m from sister company bitfinex into a bank account to pass the verification