Alameda Received Over $36 Billion USDT from Tether. That's Around 1/3 of Their Whole Supply That Alameda Had

The connections between FTX and Tether are well-established, as Alameda Research was Tether's Largest Customer.

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Alameda received over $36 Billion USDT from Tether up until October 2021, accounting for over 30% of the total USDT issued. According to Protos, 81% of this was issued between October 2020 – October 2021. This corresponds to a period of rapid growth in Tether’s market cap from $15 billion to $71 billion.

Tether’s market cap grew massively over 2021, the same period that Alameda received ~80% of its USDT It is possible that some of the USDT Alameda received were later redeemed for real dollars, meaning the net dollar amount sent to Tether by Alameda could be less than $36 billion. However, it is highly improbable that Alameda alone redeemed all $32 billion sent back to Tether in that period.

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We now know that SBF and his companies were outright frauds who stole customer deposits to finance their activities. Theoretically, we could attribute some of the Tether issuance to stolen funds, but this would not come anywhere close to $36 billion.

And Tether is still "okay" after this.