Hedge funds might be on the hunt for Tether, mikealfred suggests
Zhao and some other market players were concerned about Alameda Research, FTX's sister exchange, potentially hurting Tether's USDC, which would potentially lead to the stablecoin losing its peg.
The above-mentioned messages were exchanged in a group on the privacy-focused app Signal called"Exchange Coordination." Alfred claims that the name of the chat itself"gives him shivers." Apart from Zhao and Bankman-Fried, the group allegedly included Tron boss Justin Sun and Tether CTO Paolo Ardoino. The latter also feared that FTX and Alameda's efforts could potentially lead to the de-pegging of the USDT stablecoin.
Alfred argues that Zhao will not be able to stop private investment firms, such as New York-based Fir Tree, from betting against USDT, and they might smell blood in the water., the Bitcoin enthusiast also accused Zhao of being"desperate" to keep deposits flowing to the exchange by advocating against self-custody.
Earlier today, the Binance boss defended the exchange's financial position during a CNBC interview that touched upon withdrawal issues, among other things.
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