Tether reportedly puts FTX’s $46M in USDT on ice News ▸ FTX ▸ Tether ▸ Stablecoins
Tether reportedly puts FTX’s $46M in USDT on ice
Reports revealed that the seizure was carried out following orders of law enforcement agencies.
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Updated: Nov. 10, 2022 at 3:45 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Tether has reportedly blacklisted $46.27 million worth of USDT belonging to FTX.
❄ An address with a balance of 46,360,701 #USDT (46,274,472 USD) has just been frozen!https://t.co/W958MBbhA9
— Whale Alert (@whale_alert) November 10, 2022
Whale alerts reported that an FTX address with a balance of 46.36 million USDT was blacklisted. Coindesk reported that the seizure was carried out on the orders of law enforcement agencies.
According to Coindesk, a Tether executive said:
“We are starting to receive requests from LE to temporarily freeze assets while investigation occur.”
CryptoSlate reported earlier that Tether’s USDT had slightly lost its peg during the early trading hours of Nov. 10. Speculations within the space were that Alameda was shorting the asset in expectation of further drops.
The stablecoin issuer has previously denied it had exposure to the struggling crypto exchange or Alameda Research
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Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.