In 2021, Protos wrote an article that Alameda minted $36 billion USDT, well there is now an update after Twitter user finds more Alameda wallets that minted usdt and the number is now closer to $40 billion.
We now have knowledge and evidence of Alameda making shady deals with ftx in which they get to use customer deposits to cover their loses and to trade with. This is cause for concern because Alameda is shady and tether has also never done an independent audit. Alameda minted $40 billion USDT, so that should mean that they had $40 billion in cash at some point in time. But so far in the ftx case we haven't heard much details about the role of Alameda yet in the downfall. That is something I'm looking forward to being brought up by the prosecutors.
Note - because of the way tether redemption and burns work, there is no accurate detail about Alameda redeeming usdt for USD.
Source - https://protos.com/tether-papers-crypto-stablecoin-usdt-investigation-analysis/
https://twitter.com/jconorgrogan/status/1711490993986404606?t=Bj5CvwiyXdo8oCfJ584S3w&s=19
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