What happens if the world’s largest cryptocurrency exchange with around 75% of global market volume goes under?

Further investigation into Binance’s pegged-token “scheme” has revealed an alarming gap between the amount of tokens circulated on Binance’s BNB Smart Chain and the amount of actual tokens that they’re backed by.

If a blockchain is meant to keep a permanent, immutable record of transactions, shouldn’t it do so? Except that some transactions are more traceble than others, especially on BNB Chain.

The crypto industry is obsessed with figuring out if digital assets are actually backed by anything, but they should be careful what they wish for, they might actually find out.

While history may not repeat itself, it often rhymes and if the cryptocurrency industry is to persist, then the necessary reforms will help pave the way for a more sustainable rally in the long run.

The tango with Tether is about to come to an abrupt halt, not because Tether isn’t fully backed, that’s not the right question, but because it’s backed by the wrong sort of dollars.