In 2021, blockchain data, as disclosed by Coinbase director Conor Grogan, revealed that Alameda Research redeemed over $38 billion worth of Tether (USDT) tokens, even though they did not possess the equivalent assets under management. Grogan pointed out that the total value of USDT creation exceeded Alameda’s assets during the crypto bull run.
SBF’s Alameda minted $38B USDT to profit off arbitrage trading: Coinbase director
