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Redemption with who, may I ask: Alameda received 40% of all Tether issued: https://protos.com/tether-papers-crypto-stablecoin-usdt-investigation-analysis/ https

• moralestapia 4y ago
  Nice find, but wait, if they have/had 60B of Tether, how come they're bankrupt now?
  • deleted 4y ago
    [deleted]
  • xwolfi 4y ago
    It's because Alameda played the wrong bet: they liked the degen yield farming, got caught with a big hole once the musical chairs stopped (400M loan to Voyager, for instance), printed fake assets to reshore their finances, got caught by CZ who said fuck it, burn, I sell everything you ever gave me, and now whatever USDT they had is slowly being redeemed, but I dont know how much deltec can process. Thank God, I guess, that they're neighbours in Nassau.
• crypt1d 4y ago
  Whats your point here, exactly?
  • Silverback_VII 4y ago
    that the next domino that will fall is USDT?
    • crypt1d 4y ago
      Pretty much everyone in crypto has done business with Alameda. That doesn't automatically make them insolvent.
• Jommi 4y ago
  rereead the article its 40% of Tether issued on Tron and you have to understand that Alameda was one of the licensced brokers of USDT. Institutions could mint USDT from Tether via Alameda by using dollars. This is not a loan. Its a 1:1 conversion.
  • xwolfi 4y ago
    Yup, 1:1 conversion: 1 USD fresh from the fed goes directly to sleep into deltec's savings account and a beautiful USDT is born. This system is as pure and honest as the virgin mary and there's no way USDT could have been given against shaky IOUs.