What did Alameda Research do with $40B in USDT?
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. During the course of the trial, Ellison was asked how much of the $10 billion in Alameda ’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.” This number is surprising because previous reporting from Protos indicated that Alameda Research had issued approximately 37 billion in Tether s, and sent approximately 30 billion of those to FTX . The remainder were mostly sent to Binance and Huobi. Tether Papers: This is exactly who acquired 70% of all USDT ever issued 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 o...