Alameda Accused Of Minting $40B Of Tether USDT

The fact raises doubts that Tether has never been subjected to an independent audit.

Conor Grogan, the director of Coinbase, has alleged that there are some dubious activities at FTX and its sister company, Alameda Research, concerning the minting of Tether’s USDT stablecoin.

Onchain data shows that Alameda was responsible for minting $39.55B of USDT, a number that is 47% of Tether's circulating supply today

A previous report by Protoss estimated the number at around $36.7B; I was able to update these figures with additional wallets I found pic.twitter.com/fYBvGAYlFd
— Conor (@jconorgrogan) October 9, 2023

The on-chain data indicates that Alameda was responsible for producing USDT worth $39.55 billion, which is about 47% of the total amount of Tether currently in circulation.

Previously, Protoss estimated this figure at around $36.7 billion. Conor was able to update this number, though, thanks to the additional wallets he discovered.

As a result, there is information and proof of dubious transactions between Alameda and FTX, where they use client deposits to make trades and cover losses. Due to Alameda’s dubious reputation, this is cause for concern. Also, another fact raises additional doubts that Tether has never been subjected to an independent audit.

Also Read: Wang Unfolds SBF’s Comingling Of Funds From FTX & Alameda

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