Tether released its Q2 performance report, and the press release headline looks pretty impressive: $1.5 billion in operating profit for the second quarter and $4.1 billion in excess reserves. But if you take a closer look at their very rough report, the actual situation is: excess reserves were slashed in half from over $8.2 billion last quarter, and the actual net loss for Q2 alone was $4.2 billion. (The report only has one column of numbers—net profit for the first half of the year: a loss of $3.2 billion.) A simple drop in Bitcoin and gold prices causing asset value shrinkage shouldn’t lead to such a massive pullback, right?