Bankman-Fried Trial Renews Conjecture About Alameda’s Tether Ties
- Alameda was the largest non-exchange customer of Tether
- Wallets connected to FTX sent $3.9 billion in USDT to Tether
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As the trial of FTX co-founder Sam Bankman-Fried unfolds, the relationship between his exchange’s trading outfit Alameda Research and stablecoin issuer Tether is under the microscope of crypto sleuths.
Alameda was Tether’s largest non-exchange customer between 2020 and 2022, with blockchain data showing it received almost $40 billion in transfers of its stablecoin USDT directly from the company — equal to roughly 20% of all USDT tokens ever issued.