Alameda Accused of Minting $39 billion of Tether USDT

Coinbase director raises questions about dubious activities at FTX and Alameda Research,mentioning worries on the release of USDT.
Alameda Accused of Minting $39 billion of Tether USDT
Alameda Accused of Minting $39 billion of Tether USDT

Conor Grogan, the director of Coinbase, has accused FTX and its sister business, Alameda Research, of engaging in questionable practices in relation to the creation of Tether’s USDT stablecoin.

According to data on-chain, Alameda produced USDT worth $39.55 billion, or almost 47% of the total amount of Tether that is now in circulation.

According to a previous report by Protoss, this amount has been calculated to be roughly $26.7 billion. But with the extra wallets Conor found, he was able to update this amount.

There is information and evidence of questionable transactions between Alameda and FTX as a result, in which they use client funds to execute trades and cover losses. This is a matter for worry given the questionable reputation of Alameda. Another circumstance casts further doubt on the claim that Tether has never been reviewed independently.

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