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SBF's Alameda minted $38B USDT to profit off arbitrage trading: Coinbase director

Blockchain data flagged by Coinbase director Conor Grogan indicates that Alameda Research redeemed over $38 billion for Tether (USDT) tokens in 2021 despite not having the equivalent assets under management.

According to Grogan, the total value of USDT creation was higher than Alameda’s total assets on its books at the height of the wider cryptocurrency market bull run in 2021.

Grogan also suggests that FTX ordered USDT redemptions were likely to have been from Alameda’s tokens, totalling 3.9 billion USDT. The majority of this redemption amount was carried out during the collapse of the Terra Luna algorithmic stablecoin.

In Jan. 2021, former Alameda co-CEO Sam Trabucco weighed in on prevailing reports of significant USDT mints carried out by Tether and gave inside insights into how Alameda profited off arbitrage opportunities relating to the value of USDT to various trading pairs across different exchanges.

Trabucco described how the premium in which USDT trades to $1 was typically volatile given that Bitcoin to USDT trades resulted in a slight deficit in basis points when compared to BTC/US dollar trades.

Altcoins

SBF's Alameda minted $38B USDT to profit off arbitrage trading: Coinbase director

Coinbase director Conor Grogan has flagged on chain data that highlights massive USDT mints ordered by Sam Bankman-Fried’s Alameda Research in 2021.

Blockchain

Bitcoin dominance hits 3-month high as 'hammered' altcoins risk dive

Bitcoin (BTC) ground higher on Oct. 10 after the start of legacy market trading saw “de-risking” take over.

BTC/USD 1-hour chart. Source: TradingView

Bitcoin price preserves weekly support

Data from Cointelegraph Markets Pro and TradingView showed BTC price stability returning ahead of the Wall Street open.

Bitcoin bulls had lost their footing as the week began, with BTC/USD heading to $27,300 before reversing to trade near $27,700 at the time of writing.

“Overall there's been a lot of market de-risking into $27.4K - $27.3K,” popular trader Skew wrote in part of X analysis at the time.

“Important area now because losing that level would take prices back to 1W demand. More importantly, around here into tomorrow buyers need to establish price control for a move higher.”

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Altcoins

Bitcoin dominance hits 3-month high as 'hammered' altcoins risk dive

Bitcoin price action wobbles but recovers without new lower lows, while altcoins suffer with traders eyeing potential short opportunities.

Bitcoin

Sam Bankman-Fried just like Bernie Madoff, Cardano founder says

Charles Hoskinson likened SBF to Bernie Madoff the mastermind behind the largest Ponzi scheme in history, and says the media is giving him a 'free pass'.

Regulations

Sam Bankman-Fried just like Bernie Madoff, Cardano founder says

Charles Hoskinson likened SBF to Bernie Madoff, the mastermind behind the largest Ponzi scheme in history, and says the media is giving him a “free pass.”

Blockchain

Mistake or money laundering? User pays $1.6 million for CrypToadz NFT

The purchase was funded from a digital wallet, which has been a part of the chain of transactions, anonymized by the Ethereum coin mixing service Tornado Cash

Blockchain

Binance users in Hong Kong lose $450K in wave of fraud texts: HK police

Hong Kong police have issued a warning concerning a recent Binance phishing scam, targeting Hong Kong users of the platform.

Regulations

Bitcoin analysts look to November as price action looks to mirror past cycles

Bitcoin’s months of sideways action have been uncannily similar to the previous two BTC market cycles, which saw a pivot in November leading up to a halving event.

Bitcoin

Ordswap urges users to recover keys after losing control of website

Before it was taken down, Ordswap users said the compromised website directed users to a phishing link.

Bitcoin

Ordswap urges users to recover keys after losing control of website

Before it was taken down, Ordswap users said the compromised website directed users to a phishing link.

Blockchain

FTX hacker could be using SBF trial as a smokescreen: CertiK

The still-unidentified FTX hackers started ramping up their movement of stolen funds in recent weeks, potentially using media attention of the trial as a cover to hide the illicit activity.

Bitcoin

FTX hacker could be using SBF trial as a smokescreen: CertiK

The still-unidentified FTX hackers started ramping up their movement of stolen funds in recent weeks, potentially using media attention of the trial as a cover to hide the illicit activity.

Blockchain

FTX hacker could be using SBF trial as a smokescreen: CertiK

The still-unidentified FTX hackers started ramping up their movement of stolen funds in recent weeks, potentially using media attention of the trial as a cover to hide the illicit activity.

Ethereum

Bitcoiner drops BitVM paper — bringing Ethereum-like contracts to Bitcoin

The author of the white paper, Robin Linus, based BitVM’s architecture on Ethereum’s optimistic rollups with fraud proofs and recent Merkle tree developments.

Bitcoin

Bitcoiner drops BitVM paper — bringing Ethereum-like contracts to Bitcoin

The author of the white paper, Robin Linus, based BitVM’s architecture on Ethereum’s optimistic rollups with fraud proofs and recent Merkle tree developments.

Ethereum

Pro-crypto RFK Jr. leaves Democrats to campaign for U.S. president as independent

Robert F. Kennedy Jr. is starting his presidential candidacy as an independent with a strong showing of 19%, according to the super PAC supporting him. That’s far behind Biden and Trump.

Regulations

Brazilian securities regulator plans sandbox for tokenization in 2024

Daniel Maeda with Brazil's CVM said during Rio Innovation Week the regulator plans to explore a regulatory sandbox for use cases of tokenization potentially starting in 2024.

Regulations

Judge sides with Ripple again, denies SEC appeal: Law Decoded

Crypto lawyers are seemingly divided over the significance of a court order to dismiss the SEC’s motion.

Regulations

Chinese government-owned newspaper to launch NFT platform

China Daily stated that digital collectibles sold on its platform may be bridged to the likes of Opensea and LooksRare.

Blockchain

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