Tether may still be a viable currency. There's not confirmation that Tether has done anything wrong - Just a lot of speculation and not much evidence to the contrary.

There's a lot of reason for Tether to worry about disclosing their financial data. For one thing, if ever a government tries to regulate Tether it will be much easier for them if all of Tether's financial accounts and stakeholders are known because of a previous audit. Right now that information is not known to anyone outside of Tether, which would make it very difficult for a government to intervene or freeze their assets.

Still, it's a scary time for Tether and I think a lot of investors are worried about the possible implications for the market if Tether has been involved in market manipulation.