"There is no contractual right or other right or legal claim against us to redeem or exchange your Tethers for money. We do not guarantee any right of redemption or exchange of Tethers by us for money. There is no guarantee against losses when you buy, trade, sell, or redeem Tethers."

Apparently they changed this text earlier this month to make it sound less like a total scam but the original text is still available on archive.org:

https://web.archive.org/web/20171224172135/https://tether.to...