Tether's second-quarter materials report $1. 5 billion in net operating profit, earned mainly from Treasuries and repo activity. However, the attached reserve report shows a negative $3.

Source: [CryptoSlate](https://cryptoslate.com/tether-claims-1-5b-profit-but-hidden-math-reveals-a-4-2b-hit-that-halved-its-safety-cushion-in-90-days/)

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