Tether is solely issued by Bitfinex and this is often done in large batches. Each Tether is supposedly backed by USD 1 in the Tether limited reserve, but the reserve did not publicly audit its reserves using a reputable third party as originally promised. Tether may be redeemed for USD through the Tether platform. This cast doubts on whether the new Tether issued during Bitcoin’s last climb to an all-time high were indeed backed by USD. The newly published study argues that these billions of USD of Tether were “printed” to prop up the entire cryptocurrency market.