Tether has become the latest industry company to get involved with the ongoing saga revolving around FTX by freezing over 46 million USDT.
The company said it had to comply with law enforcement agencies.
- All eyes in the crypto industry have been set on FTX for the past several days, ever since Binance decided to sell its entire FTT stash following some discrepancies with Alameda Research’s balance sheet.
- The turbulence in the following days included Binance agreeing to purchase FTX and later backing off the deal.
- Several regulators and law enforcement agencies have begun probing the distressed crypto exchange, which seems to be affecting other industry participants.
- Tether froze 46.3 million USDT, based on Tron, owned by FTX. A company’s spokesman attributed this decision to a request from a law enforcement agency.
- This comes just a day after the stablecoin issuer said it had no exposure to FTX and Alameda.
- Separately, the TRON DAO Reserve said it plans to purchase 300 million USDT before topping that number to one billion. This came just hours after the price of USDT fell to $0.97.
- Despite the price differences, Tether’s CTO assured that the company had continued redeeming at $1 prices.
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#tether processed ~700M redemptions in last 24h.
No issues.
We keep going.— Paolo Ardoino
(@paoloardoino) November 10, 2022
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