 | Alameda and FTX had significant exposure to guess what... USDT. Tether sent $36.7 billion to alameda, $31.7 billion (86%) of which was sent in the past year. 87% of USDT sent to alameda was directed to FTX. Another player that might be underwater is CeFi lender NEXO. Nexo has already received an EMERGENCY cease and desist by US regulators. The cease and desist revealed that Nexo is already insolvent. Nexo's liabilities exceed Nexo's assets. And guess what.... again.... Tether sent $2.6 billion USDT in the past year to Nexo. Another one is Jump Trading, some of you might recognised this name and laugh. Jump trading was a firm investing heavily into.... Serum (Solana protocol) and Solana. Not good bets atm. What's more is this year Jump Trading received $1.1 billion USDT. Yet another player, and a big one at that is Cumberland Global, crypto subsidiary of DRW. $23.7 billion USDT was sent to Cumberland, 74% of it last year alone. What's clear is that there are 3 players in the game that are in dire need of liquidity and will try to redeem as much USDT as possible. Tether could be asked to redeem over $40 billion in a short amount of time. It will be a big test for tether. What do you think. PS: I'll link a report in the comments. [link] [comments] |
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