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NEW: Turns out that SBF (FTX) and Circle (USDC) made a deal to try to destroy Tether (USDT).
SBF amassed $10B of USDT and redeemed it in 2-3 days, in order to try to wipe out their reserves and trigger a collapse.
What happened? Tether was able to provide the money in an instant.
Turns out USDT’s refusal to do an audit, refusal to share how much they have liquid in their reserves — is exactly what saved them from this kind of attack.
Had SBF & Circle known exactly what it would cost to take out USDT, they much more easily could’ve gotten the loans to make it happen, and succeeded.
Tether’s behavior is yet another example of the biggest scams and most legit often doing many of the same things.
SBF amassed $10B of USDT and redeemed it in 2-3 days, in order to try to wipe out their reserves and trigger a collapse.
What happened? Tether was able to provide the money in an instant.
Turns out USDT’s refusal to do an audit, refusal to share how much they have liquid in their reserves — is exactly what saved them from this kind of attack.
Had SBF & Circle known exactly what it would cost to take out USDT, they much more easily could’ve gotten the loans to make it happen, and succeeded.
Tether’s behavior is yet another example of the biggest scams and most legit often doing many of the same things.
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