Tether distances itself from troubled crypto firm, Genesis

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.

Timeline of Tether

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.

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.

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.

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.

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.

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%.

Following sanctions from legal authorities, stablecoin issuer Tether has confiscated around $46 million worth of USDT on the Tron blockchain network. The wallet address currently holding the stablecoins is suspected to be owned by the defunct cryptocurrency exchange FTX.

USDT witnesses massive short positions against itself Number of Active addresses and number of transfers grew USDT, the number one stablecoin in terms of market cap according to CoinMarketCap, may be on the receiving end of the larger FUD surrounding the crypto market.

The largest stablecoin, Tether, increased its holdings of U.S. Treasury bills to $39.7 billion and reduced its commercial paper to around $50 million as of Sept. 30, 2022, according to a reserves attestation published on Thursday.

Amid the market fluctuations on Thursday, data shows the stablecoin tether temporarily tapped a low of $0.961 per unit. Tether's market fluctuations have affected the decentralized finance (defi) protocol Curve's 3pool, as the stablecoin pool has become unbalanced Thursday morning. Furthermore, at 9:35 a.m.