If Tether is telling the truth in their attestation, they held $5 billion in cryptocurrency a month and a half ago, and had only about $160 million in extra assets to cover their liabilities. Given the extent of the collapse of the cryptocurrency market (and markets in general, do note), by Tether's own words, Tether is either insolvent or required someone decently steep infusions of cash. As far as I'm aware Tether has not announced either, so either Tether is lying about its own solvency or... Tether is covering up its own insolvency.
Actually, come to think of it, Tether does claim to publish asset and liability totals (if not breakdowns) in near real time, so let's see how it's doing. And, surprise, Tether somehow still has just $160 million in extra assets over liabilities. In fact, between the attestation date of March 31, 2022 and the latest update as of last night, this buffer has changed by just $186. That kind of performance is... well, not credible.
Actually, come to think of it, Tether does claim to publish asset and liability totals (if not breakdowns) in near real time, so let's see how it's doing. And, surprise, Tether somehow still has just $160 million in extra assets over liabilities. In fact, between the attestation date of March 31, 2022 and the latest update as of last night, this buffer has changed by just $186. That kind of performance is... well, not credible.