read the bloomberg article on tether and try to understand what that means. It's fair to say that there's a huge scam going on in the whole cryptomarket. If you're in the crypto-bubble everyone just keeps dancing, because "look at me, I made another 10k today and get 20% on my staked coins", but like with every scam the music will stop and many people will lose all their IOUs which they believed were worth thousands.

Link: https://www.bloomberg.com/news/features/2021-10-07/crypto-my...