5 months ago 1 min read

Alameda Research Attempting to Short USDT? Here's The Facts


Since it became known that there were issues with the FTX exchange and Alameda, the cryptocurrency markets have been more volatile. As Bitcoin and all the other major cryptocurrencies hit new annual lows, the market experienced extreme panic. However, the market experienced a significant bearish wave as the market's top stablecoin Tether(USDT) depegged.

According to rumors, SBF's Alameda Research team is attempting to short the USDT token in an effort to reclaim some of their obligations.

According to Hsaka, a well-known cryptocurrency expert, Alameda Research is allegedly shorting USDT by supplying the USDC stablecoin on the AAVE platform and thereby borrowing USDT. The platform is additionally exchanging USDT for USDC on the curve, and the transaction has been noted on Etherscan.

The Tether reserves will need to burn more USDT than they did previously if the report is true, as seen by the Etherscan logs.

Today, USDT, the reigning stablecoin, did derail 3% from its $1 peg. Even though it might repeg to $1 in the interim, the overall market environment is still rather gloomy.

J.K. Tan
J.K. Tan
A crypto enthusiast who thinks that cryptocurrencies encourage people to act as their own banks. Fascination for blockchain and Web3 projects is his A-game.
Great! You’ve successfully signed up.
Welcome back! You've successfully signed in.
You've successfully subscribed to Coin Aquarium.
Your link has expired.
Success! Check your email for magic link to sign-in.
Success! Your billing info has been updated.
Your billing was not updated.