Do you think Tether and Bitfinex are just rogue actors fudging the numbers and cooking the books, or do you think there's a larger criminal conspiracy involving other major exchanges?

Jackson Palmer seemed to hint at the possibility that Bittrex might be buying massive quantities of USDT from Tether, to hide the fact that it's running on a fractional reserve.

Bittrex accepts bank wires denominated in US Dollars, and credits users with the equivalent amount in Tether, so this theory does make some sense.