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lanyardmajor stablecoin issuers usdtrefused to be in contact with anyone Genesis Global Capital either Gemini earning, However, some wonder how it is possible for such a large company not to be affected by any of the major events that shook up the crypto space this year.
company Told In an announcement that it was “conducting business as usual,” claiming that,
“With the recent news about Genesis today, Tether would like to confirm that it has nothing to do with Genesis or Gemini Earn.”
It states that Tether coins are 100% backed by its reserves, while the assets backing the reserves exceed liabilities. The company’s portfolio consists of cash, cash equivalents and US Treasuries.
It states that,
“It is important in times like these that these reserves have consistently tried to demonstrate resilience during the black swan events that have characterized the market this year.”
as informed ofCrypto Lending Division of genesis businessGenesis Global Capital, which is related to digital currency group (DCG), the parent company of grayscale investment, as well as crypto exchange Gemini are among the latest crypto victims of ftx fingering.
Genesis announced Wednesday that it is pausing redemptions on its loan product and will stop making new loans. It claimed that Genesis’ trading and custody business remains unaffected.
Shortly thereafter, Gemini said it would discontinue redemptions on its Gemini Earned Yield products. Genesis provides services to Gemini. “This does not affect any other Gemini products and services,” it said.
However, some are skeptical of the type of statement Tether has issued, arguing that, given the extent of its Earth And the FTX contagion, it’s nearly impossible to remain unaffected.
Adam Cochran, a crypto researcher and partner at Venture Fund Cinemain Ventures, Tweeted That many companies claimed no exposure to collapsed or troubled projects like FTX, Terra, etc. Celsius, three arrows capitaland recently blockfi,
Cochran argued, “Mathematically it is almost impossible for all of them to be true.”
other argued That all these companies claim to have no risk actually is their indirect risk – “which is still risk.”
Nonetheless, some continue to claim that they are in fact one of those ‘impossible’ cases, such as Vlad Andrei, founder and managing partner Albaron Venturersis an investment firm focused on ventures and projects related to fintech, blockchain, decentralization, digital currency and cryptoassets.
meanwhile, as informed ofLast week, Tether froze $46.5 million of USDT held by FTX, reportedly at the request of law enforcement. USDT was held tron a in blockchain purse related to the exchange.
At the time, it also claimed that it owed “absolutely no credit” to FTX or its parent company. Alameda Researchand that it is “completely open” to both companies.
Tether may have revisited some legal issues of its own recently. US Department of Justice Allegedly redesigned an investigation Did its executives commit bank fraud in the early days of the stablecoin? But the company denied the report, saying: “This is Bloomberg recycling old news that isn’t even factual. This presents yet another example of their incompetent journalism and inability to separate fact from lie.”
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