Tether has 'no plans' to rescue FTX, Alameda, but that's not all...
As it struggles to close a purported multi-billion dollar hole in its financial sheet, cryptocurrency exchange FTX has lost at least one possible saviour. On 10 November, Tether CTO Paolo Ardoino affirmed that the company has “no plans to invest or lend money to FTX/Alameda.”— Paolo Ardoino 🍐
Bankman-Fried informed investors on a call that his crypto-exchange faced a shortfall of up to $8 billion and needs $4 billion to remain solvent. This, before Binance abruptly changed its tune and withdrew its takeover offer, the person said, asking to remain anonymous because the conversation was private. According to the source, FTX is looking to seek rescue capital through debt, equity, or a mix of the two.
The reaction of Tether’s CTO, however, seems to support the sentiment expressed in a blog post published a few days ago. In the same, Tether assured the community that it had no connection to Alameda or FTX. According to people with knowledge of the situation, Bankman-Fried frantically tried to gather money from venture capitalists and other investors before he went to Binance because of a liquidity crisis. Zhao initially consented to help, but his business swiftly changed its mind, citing accusations of “mishandled customer monies and purported U.S. agency investigations.”
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