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Stablecoin Issuer Tether Explains How FTX and Alameda Collapse Has No Effect on USDT

dailyhodl.com

Tether, the largest stablecoin issuer in the world, has released a statement assuring investors that USDT is in no way affected by the meltdown of crypto exchange FTX and its trading arm Alameda Research.

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Timeline of Tether


Will Tether's [USDT] assurance be enough to calm the FUD - AMBCrypto

Tether released a statement to address the FUD surrounding USDT Weighted sentiment saw an uptick, transaction count fell Owing to the uncertainty being fueled by FTX's collapse, many members of the crypto-community have suspected that USDT could also be exposed to its negative impact.


Tether Says It Had No Exposure to Genesis Global and Gemini Earn, Crypto Experts Are Doubtful - Cryptonews

Tether, the issuer of the major stablecoin USDT, denied having exposure to either Genesis Global Capital or Gemini Earn. Some, however, wonder how it is possible for such a large company not to be affected by any of the massive events that shook the crypto space this year.


Tether Confirms 'Zero Exposure' To Genesis Global, Gemini Earn After Crypto Lenders Halt Withdrawals - Benzinga

Stablecoin issuer Tether (CRYPTO: USDT) said on Wednesday that it had no exposure to institutional cryptocurrency lender Genesis or the Gemini Earn program, which have halted withdrawals. What Happened: The lending division of crypto investment bank Genesis Global Trading temporarily stopped withdrawals on Wednesday, raising speculations that USDT had significant exposure to Gemini.


Tether distances itself from troubled crypto firm, Genesis - Crypto news

Genesis has stopped both debt repayments and new loan issuances, according to a statement from CEO Derar Islim today. The withdrawal requests surpassed the available liquidity at Genesis Global Capital.


Tether Up On US Treasury Bills, Reduces Commercial Paper Holding – Q3 2022 Consolidated Reserves Report - Zycrypto

The accounting firm BDO Italia has performed a quarterly assurance on the Consolidated Reserves of Tether Holdings Limited and its wholly-owned subsidiaries as of 30th September 2022. According to its report, Tether Group's consolidated assets exceed its consolidated liabilities.


Just-In: Tether Starts Blacklisting USDT Of FTX Exploiter - Coingape

In response to the sudden movement of funds out of FTX and FTX US wallets, Tether took a protective measure by blacklisting USDT related to the FTX wallet drainer. Almost $600 million in tokens were transferred out of wallets with stablecoins withdrawals swapped from Tether to DAI and other tokens swapped to Ethereum.


Tether blacklists $31.4M USDT following FTX's alleged hack, Musk reacts - Cointelegraph

Billionaire entrepreneur Elon Musk, who recently purchased Twitter in hopes of unleashing the platform's full potential, acknowledged Twitter's contribution in tracking down the FTX developments in real time.


Tether has ‘no plans' to rescue FTX/Alameda, but that's not all - AMBCrypto

As it struggles to close a purported multi-billion dollar hole in its financial sheet, cryptocurrency exchange FTX has lost at least one possible saviour. On 10 November, Tether CTO Paolo Ardoino affirmed that the company has “no plans to invest or lend money to FTX/Alameda.


FTX still in crisis, Tether won't invest - Crypto news

Tether CTO, speaking on twitter, Affirmed that Tether will not get involved in the FTX saga while responding to SBF's efforts to acquire loans from fellow crypto firms adding to the CEO's troubles.


Tether FUD panic calls on USDT, investors see shorting opportunity - Crypto news

Due to Tether FUD, more people are shorting USDT, which has resulted in a sharp rise in the APY for USDT Borrow. The Compound USDT Borrow rate hits 38%, while the Aave USDT borrow rate reaches 12.71%.

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