The biggest players in crypto trusted their money to Su Zhu and Kyle Davies, whose upstart hedge fund Three Arrows Capital promised revolutionary profits. What could go wrong?

No matter what you believe about USDT-Tether-it is beyond question that the stablecoin has become integral to the digital asset industry. It's the most-traded digital asset by a significant margin, and the network of exchanges surrounding Tether hold significant amounts of USDT.