Great post, it summarized what I have been thinking for quite a while now.

They promise to back USDT with USD but if they don't pay you, well, fuck you there is nothing you can do about it.

I am not saying, that they are necessarily just taking away your money, but if I had 363.000.000$ laying around, I would certainly try to make some money off of it. They might engage in fractional reserve banking and put parts of the money in some kind of fund that makes them money. That would only be the case when they suddenly have to pay a lot of money out because of some kind of bank-run.