According to @alice_und_bob, taking roughly half of compensation in vesting tokens created a corporate tax liability because token compensation is treated as company revenue, while the tokens could not be sold to build cash reserves (source: @alice_und_bob on X, Dec 5, 2025). The author states year 2 tax obligations were estimated off stronger year 1 revenue, with corporate taxes for both years due in September of year 2, just as the token price fell 70 percent (source: @alice_und_bob on X, Dec 5, 2025). As a result, the author reports being unable to meet tax payments either by selling tokens or using cash, creating acute liquidity stress and potential insolvency next year (source: @alice_und_bob on X, Dec 5, 2025). The author adds they are still exploring whether token losses can offset year 2 earnings, underscoring how vesting restrictions and tax timing can decouple liabilities from market liquidity, heightening downside and credit risk for token-funded operators (source: @alice_und_bob on X, Dec 5, 2025). For traders, this case highlights tax-driven overhang risks around vesting schedules and filing deadlines when token prices decline sharply, amplifying sell pressure and counterparty risk in crypto markets (source: @alice_und_bob on X, Dec 5, 2025).

According to Mike Silagadze, comparing Tether’s reserves to fractional-reserve banking is wrong because banks run delta-neutral books by holding collateralized loans and bonds rather than volatile assets, implying a different risk profile (source: Mike Silagadze, Twitter, Nov 30, 2025). He warns that if Tether’s backing falls below 100%, USDT would be insolvent and could go to zero, triggering broad crypto market stress across major pairs including BTC and ETH (source: Mike Silagadze, Twitter, Nov 30, 2025). For trading, this positions any evidence of sub-100% reserves or a USDT depeg as a high-severity risk signal to reduce USDT exposure, monitor liquidity, and hedge core positions in majors, given his stated systemic-risk view (source: Mike Silagadze, Twitter, Nov 30, 2025).