So amid the chaos that's called it, surrounding sandbags and freed a handful of hedge funds and now time to focus back to the crypto industries. Perhaps the original bogeyman, its tether, meaning that that stable coin could be the next crypto catastrophe, maybe one that would make the implosion of RTX look pretty small fry in comparison. Joining us more, Bloomberg asset management reporter Annie Massa, who's just been leading the charge and what hedge funds in particular are trying to do to sort of make the most of what is an unbalanced trade in some way, an asymmetric trade ashore on Teva. Talk to us about it. Sure. So a bunch of hedge funds have been shorting together or at least looking for a way to short tether. And there are some that have ventured into this realm for a tree and vice are among them. And others that we mentioned, like Valiant have looked at the trade, even gotten in, but gotten skittish about it because they're worried about counterparty risk. T'other is the third largest cryptocurrency out there. It's called the stable coin. It's the largest of its kind. It's supposed to always maintain the value of a dollar. So it's a stand in basically for the US dollar in cryptocurrency world. And what some of these hedge funds think is that it could perhaps de peg from the dollar in large part. And it's interesting. We've just seen the odd lots team Joe Weisenthal Tracy Alloway to a great podcast cost on this as well that people sort of use it despite itself because in general has remained tethered to a dollar sort of knocked off a little bit during the spring of this year and amid some of the chaos that. But in general, even though we're a bit worried about what really backs it and what really assets are that to be in reserve, some has proved its worth. Why do you think that is? And what are people kind of worried about? Exactly? It does. It's been around since 2014, so it's not a new cryptocurrency. What people worry about is the opacity around tether and the fact that it still remains on audit. And now Tether has said that they can't get an audit because big for auditing firms don't want to work with them, don't want to work in the crypto currency realm as much, but for whatever reason, it remains unaudited. So there are a lot of questions still about whether it has the reserves that it says it has. The reason that it's important to know that is because people use it, assuming any dollar they put in, they get a dollar out. Easy as that. And so what the what keeps people up at night, let's say, or what tether shorts would tell you is if there's any question about whether it could peg, whether you might not be able to get a dollar out if you put a dollar. And that could be a problem. Hey, and it was fascinating reading your reporting sources kind of outlining a lot of these short positions reestablished earlier in the year. And then, you know, some funds had second thoughts and they kind of unwound the trade. Some of them got out scot free. Where does this psychology of some of these hedge fund managers lay with Tepper right now? I think it speaks to some of the trust or lack thereof in the system. So one of the ways to short tether is through a counterparty. And Genesis is among the counter parties that have been used in the past, a short tether. So, I mean, I think even to tether would tell you this, the people in charge of Tether would say, I mean, it it hasn't looked like a super attractive trade because some of those very counter parties have had liquidity issues of their own. So it's not exactly an easy trade to put on, because if you think that tether is going to blow up, it could take the entire rest of the ecosystem or a lot of the ecosystem with it.