Market Analyst Suspects Cash Laundering in Ongoing FTX Case

• Market intelligence character suspects cash laundering within the ongoing FTX saga.
• Dylan LeClaire found Alameda minted 36B USDT and solely redeemed about 4B USDT.
• LeClaire famous that many of the redemption occurred in the course of the LUNA/UST crash.

Dylan LeClaire, a self-claimed market intelligence character, suspects a case of cash laundering within the ongoing FTX saga. In accordance with LeClaire, Alameda minted 36 billion USDT and solely redeemed about 4 billion USDT which is sufficient to suspect that the entity was “a financial institution mule for different actors” behind the scenes.

In a current put up on X, LeClaire shared a screenshot exhibiting that Tether obtained an excellent $36.65 billion from Alameda analysis inside an unspecified interval. The corporate redeemed solely about 4 billion USDT from that quantity, leaving a internet determine of over 30 billion USDT.

Moreover, LeClaire famous that the 36 billion USDT determine wouldn’t be noteworthy in the event that they have been a frequent massive redeemer. Nonetheless, they solely redeemed roughly 4 billion USDT, most of it in the course of the LUNA/UST crash. Therefore, he suspects huge funds needed to be wired to Tether to mint such a major quantity.

LeClaire was curious concerning the lack of point out of funds wired to Tether within the ongoing SBF trial. He suspects it’s a deliberate effort, as Caroline Ellison, a former worker of SBF, mentions $2 billion of FTX funds used for stablecoins conversions to USDC however avoids mentioning the tens of billions of {dollars} wired to Tether. In any other case, another person might have wired the funds with out the data of Ellison.

Digging deeper, LeClaire famous that each one different stablecoins have been valued at $1 on FTX, besides USDT, which ranged between $0.95 and $0.975. Regardless of contemplating it unusual, the acclaimed market intelligence character thinks there was some foul play within the course of.

In accordance with LeClaire, the one “good” rationalization is that different entities wired funds to Tether, who then despatched USDT to Alameda wallets for some purpose.