Larry Cermak, The Block analyst, questioned “the act of comparing the percentage of USDT's forehead endorsements with the bank reserve ratio”: “Because the bank's situation is worse, Tether only has 74% of cash endorsements. Is it okay? If Tether and Bitfinex are morbidly lying on everything and can escape punishment, does it matter? All those who rationalize this are hypocrites. This runs counter to the original value of Bitcoin. Interestingly, it is Bitfinex. Most of the defenders are their shareholders."