Gary

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    <p>In her testimony last week, Caroline Ellison provided additional color on the flow of money between Alameda Research, FTX, and Tether. However, her appearance in court raised more questions than answers.</p>
    <p>During the course of the trial, Ellison was asked how much of the $10 billion in <a rel="noopener noreferrer nofollow" title="Alameda" href="https://thebittimes.com/tag/alameda.html">Alameda</a>’s bank account from FTX customers was used to send back to FTX customers in the form of stablecoins, and she disclosed that she believed it was “in the ballpark of $2 billion.”</p>
    <p>This number is surprising because previous reporting from Protos indicated that <a rel="noopener noreferrer nofollow" title="Alameda" href="https://thebittimes.com/tag/alameda.html">Alameda</a> Research had issued approximately 37 billion in <a rel="noopener noreferrer nofollow" title="Tether" href="https://thebittimes.com/tag/tether.html">Tether</a>s, and <strong>sent approximately 30 billion of those to FTX</strong>. The remainder were mostly sent to Binance and Huobi.</p>
    <figure class="wp-block-embed is-type-wp-embed is-provider-protos wp-block-embed-protos">
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      <blockquote class="wp-embedded-content" data-secret="9KBcJpPFdH">
       Tether Papers: This is exactly who acquired 70% of all USDT ever issued
      </blockquote><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" title="“Tether Papers: This is exactly who acquired 70% of all USDT ever issued” — Protos" src="https://protos.com/tether-papers-crypto-stablecoin-usdt-investigation-analysis/embed/#?secret=x8KCb1K0V8#?secret=9KBcJpPFdH" data-secret="9KBcJpPFdH" width="500" height="282" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe>
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    <p>One explanation, of course, is that the remainder of the tethers were issued using Alameda’s cash from its many profitable trades. However, it’s not clear based on the ongoing bankruptcy or the criminal trial of Sam Bankman-Fried, that anywhere near that amount of profit was generated by Alameda Research.&nbsp;</p>
    <p>Further complicating this picture is the <strong>previously reported ‘Fiat Integration Agreement’ that one FTX group company entered into with iFinex</strong>, one of the firms that operates the Bitfinex cryptocurrency exchange. Bitfinex and Tether are sister firms with significantly overlapping shareholders, including Digfinex, and overlapping executives and directors.</p>
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       FTX firm had agreement with Bitfinex for ‘fiat integration’
      </blockquote><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" title="“FTX firm had agreement with Bitfinex for ‘fiat integration’” — Protos" src="https://protos.com/ftx-firm-had-agreement-with-bitfinex-for-fiat-integration/embed/#?secret=CS6q7esJXZ#?secret=3WFkwXWhlQ" data-secret="3WFkwXWhlQ" width="500" height="282" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe>
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    <p><em>Read more: <a rel="noopener noreferrer nofollow" title="Alameda" href="https://thebittimes.com/tag/alameda.html">Alameda</a> Research used customer funds as early as 2019, Gary Wang testifies</em></p>
    <p><a rel="noopener noreferrer nofollow" title="Tether" href="https://thebittimes.com/tag/tether.html">Tether</a> chief exec (then chief technology officer) Paolo Ardoino had previously explained that “<a rel="noopener noreferrer nofollow" title="Tether" href="https://thebittimes.com/tag/tether.html">Tether</a> does not have any exposure to FTX or <a rel="noopener noreferrer nofollow" title="Alameda" href="https://thebittimes.com/tag/alameda.html">Alameda</a>” on X (then Twitter). He also claimed that “no credit exposure has been matured.” In a blog post, <a rel="noopener noreferrer nofollow" title="Tether" href="https://thebittimes.com/tag/tether.html">Tether</a> further reiterated that it “<strong>has absolutely no credit towards FTX or <a rel="noopener noreferrer nofollow" title="Alameda" href="https://thebittimes.com/tag/alameda.html">Alameda</a> Research</strong>.” It’s worth noting that this sentence does include an important caveat — “at this time.”</p>
    <p>Ellison’s comments provide a tantalizing clue but ultimately still leave a variety of questions about the relationship between FTX, Alameda Research, and Tether.</p>
    <p><em>Got a tip? Send us an email or ProtonMail. For more informed news, follow us on&nbsp;X,&nbsp;</em><em>Instagram</em><em>,&nbsp;</em><em>Bluesky</em><em>, and&nbsp;</em><em>Google News</em><em>, or subscribe to our&nbsp;</em><em>YouTube</em><em>&nbsp;channel.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/what-did-alameda-research-do-with-40b-in-usdt-tbt66581.html">https://thebittimes.com/what-did-alameda-research-do-with-40b-in-usdt-tbt66581.html</a></p>

What did Alameda Research do with $40B in USDT?

TheBitTimes

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