{"id":40119,"date":"2022-11-11T16:14:37","date_gmt":"2022-11-11T20:14:37","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=40119"},"modified":"2022-11-13T13:31:41","modified_gmt":"2022-11-13T17:31:41","slug":"tether-chief-technology-officer-confirms-no-plans-to-save-ftx","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/tether-chief-technology-officer-confirms-no-plans-to-save-ftx\/","title":{"rendered":"Tether Chief Technology Officer Confirms No Plans To Save FTX"},"content":{"rendered":"\n

Tether has indicated that it has no plans to invest cash into FTX<\/a>, despite the CEO allegedly approaching many companies for assistance.<\/p>\n\n\n\n

\"Tether
Tether Chief Technology Officer Confirms No Plans To Save FTX<\/figcaption><\/figure>\n\n\n\n

As it struggles to close a reported multi-billion dollar hole in its balance sheet, cryptocurrency exchange FTX has lost at least one potential rescuer.On November 10, Paolo Ardoino, the chief technology officer of stablecoin <\/a>issuer Tether, confirmed the business has “no plans to invest or lend money to FTX\/Alameda.”<\/p>\n\n\n\n

Ardoino made his remarks in response\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> to a Reuters report from Nov. 10 that claimed the $9.4 billion shortfall at FTX had FTX CEO Sam Bankman-Fried reaching out to several businesses for funding to keep the exchange afloat.<\/p>\n\n\n\n

Tether, the cryptocurrency exchange OKX, and the venture capital firm Sequoia Capital are among the businesses that Bankman-Fried is said to have approached for funding. It is said that he has requested at least $1 billion from each of the companies.<\/p>\n\n\n\n

The chief technical officer of Tether's reaction seems to support the sentiment expressed in a blog post published on November 9 in which Tether assured the community that it had no connection to Alameda or FTX.46,360,701 Tether USDT ($1.00) have reportedly been frozen by the stablecoin's issuer owned by FTX on Nov. 10 in its Tron blockchain wallet to abide by law enforcement.<\/p>\n\n\n\n

It is unclear at this time whether OKX<\/a> or Sequoia Capital are thinking about supporting the troubled exchange. Lennix Lai, OKX's director of financial markets, previously told Reuters on November 9 that Bankman-Fried requested up to $4 billion from the exchange to help cover FTX's liquidity issues, but she did not say whether the company would help FTX.<\/p>\n\n\n\n

On Nov. 10, Sequoia zeroed out its nearly $214 million worth of investments in FTX and declared them a complete loss, claiming that the company's liquidity problems “created a solvency risk” but that the impact would be minimal.<\/p>\n\n\n\n

According to two unnamed sources, FTX reportedly also approached the cryptocurrency exchange Kraken, as reported by Axios on Nov. 10; however, it is unclear whether a deal was ultimately reached between the two parties.<\/p>\n\n\n\n

Through a deal with the Tron blockchain <\/a>that permits its assets to be swapped 1:1 with external wallets, FTX currently only seems to be able to continue a small number of withdrawals. As users rushed to leave the exchange as a result of the agreement, Tron-based tokens traded at a premium of up to 1200% on the platform.<\/p>\n","protected":false},"excerpt":{"rendered":"

Tether has indicated that it has no plans to invest cash into FTX, despite the CEO allegedly approaching many companies for assistance. As it struggles to close a reported multi-billion dollar hole in its balance sheet, cryptocurrency exchange FTX has lost at least one potential rescuer.On November 10, Paolo Ardoino, the chief technology officer of […]<\/p>\n","protected":false},"author":43,"featured_media":40121,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32],"tags":[778,1103],"class_list":["post-40119","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-exchange-news","tag-ftx","tag-tether"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/11\/jpg_20221111_205716_0000.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/40119","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=40119"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/40119\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/40121"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=40119"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=40119"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=40119"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}