2022-11-12 11:00:00

Tether Has Frozen $46.5 Million USDT Controlled BY FTX At The Demand Of Law Enforcement

Major virtual currency issuer Tether apparently did so at the demand of law authorities and froze $46.5 million worth of USDT owned by the defunct cryptocurrency exchange FTX.


A combination of $66.4 million worth of coins, including USDT 46,549,320, TRX, USDD, as well as other coins, are stored in this wallet. The entirety of the account’s assets has thus been frozen, according to this.


According to reports, FTX is the subject of an investigation by the DoJ and the US CFTC (Commodity Futures Trading Commission). Additionally, according to reports, the US SEC (Securities and Exchange Commission) has been investigating FTX’s dealings with customer deposits and its crypto-lending operations for some months, as well as FTX’s connection to FTX US.


Without Relevance to FTX


It has been suggested that FTX and Alameda Research, the parent firm of FTX, are related to Tether Global. But in a statement released on Wednesday, the business insisted that “Tether bears absolutely no debt towards FTX as well as Alameda Research. Neither FTX nor Alameda Research has any exposure to Tether.”


CTO of Tether, Paolo Ardoino, also tweeted that now the corporation would not be financially supporting FTX.


Tether emphasized once more that US Treasury bonds now make up the majority of its holdings.


“USDT Did Not Depreciate”


The USDT plummeted 4% off its $1 base on Wednesday AM, UTC, according to data from Coingecko. The growing FTX infection was widely believed to be the cause of the decline.


But according to a tweet from Tether last Wednesday, this was caused by a data problem with CoinGecko’s API [Application Programming Interface] link with a few venues.

The FTT coin, issued by FTX, is currently trading at $3.43, having gained about 24% within the previous day but losing 86% during the previous week.

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