Yes the crash of Tethers can unravel all the exchanges using it and create a panic flight that meltdowns crypto.
My article on it.
https://www.soladoni.com/usd-tethers-unravel-crypto-meltdown/
Tethers is why I told all my crypto investors to flee to cold storage or cash in real banks.
Tethers crash will bring down lots of exchanges and coins.
BEWARE
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Yes. It could get very messy.