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A stablecoin called Tether was supposedly backed by billions of dollars that no one could find, and Bloomberg asked Zeke Faux to investigate. As he pulled at Tether’s threads, Faux realized that the story went into deeper and stranger places than he could have imagined. What should have been a straightforward story turned into a rabbit hole full of D-list celebrity investors, money laundering, human trafficking in Cambodia, and even stranger denizens of the crypto underground.

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