Tether time bomb just got lit.. Start of crypto bubble???

US investigators are looking into the $2.5b market cap of Tether and Bitfinex, as you all know Tether is backed by the US dollar so the ratio is supposed to be 1:1 (1Tether coin = 1 USD) meaning that since Tether joined the crypto market it has managed to print $2.5b USD. Where did this money come from, there are no official government sources confirming that one Tether token is backed by one US dollar.

A document on Tether’s website, compiled by accounting firm Friedman LLP, shows it had $443 million and 1,590 euros ($1,970) in bank accounts as of Sept. 15. Tether tokens were valued at $420 million that day, according to Coinmarketcap.com. Tether hasn’t identified the banks where that money was held, and their names were blacked out in the document.

Friedman said in its report that it didn’t investigate the reliability of Tether’s records. The accounting firm and Tether have recently cut ties, Tether said in a separate statement Monday.

“Given the excruciatingly detailed procedures Friedman was undertaking for the relatively simple balance sheet of Tether, it became clear that an audit would be unattainable in a reasonable timeframe,” Tether said. This means folks that Tether has abandoned its audit this week which in the normal business world raises some serious red flags and possible corruption/money laundering.....

Bitfinex
If there is something shady going on my guess it has something to do with Bitfinex and Tether. They're tied to the same people and to the Panama Papers - Also the CEO of Tether is also the CEO of Bitfinex however he does not state this in his linkedin profile, Jan Ludovicus van der Velde... ??

During the last 24 hours Bitfinex has traded more than $1.5billion in trades of which $584m 36% of total trades relate to Bitcoin.

What is more worrying is how Tether is only down 0.12% (24hours) i suspect this might drop much more considering the news but something is very odd and highlights the large amount of fraud within the crypto world as I am confident there are bigger forces/syndicated groups at play.

Summary
This sounds fishy, smells fishy and probably is fishy/scam... Eishhhh!!! this is one big cookie to crumble and the size will bring serious issues within the crypto market making the possibility of government regulation more likely. Now whos is really behind the tether time bomb is another question, some people think tether was created deliberately by the US government to make a case study of why its important to regulate the crypto markets + its gives the added benefit to bring the price of overinflated crypto's like Bitcoin and Bitcoin Cash down to more manageable investment levels for larger institutional investors, not to mention all the other altcoins.