FTX’s affiliated trading firm Alameda appears to have shorted Tether

Alameda Research, a crypto trading firm affiliated with embattled crypto exchange FTX, appears to have shorted the dollar-pegged stablecoin Tether on Thursday, according to blockchain data.

Alameda... Alameda Research, a crypto trading firm affiliated with embattled crypto exchange FTX, appears to have shorted the dollar-pegged stablecoin Tether on Thursday, according to blockchain data. Alameda appears to have borrowed at least one million USDT using USDC, another stablecoin, on the decentralized liquidity pool Aave Thursday and then immediately sold USDT for USDC on other liquidity pools such as Curve, according to Eliézer Ndinga, the director of research at 21.co, citing on-chain data. 21.co is the parent company of 21Shares.

USDT, which is supposed to always trade at $1, fell to as low as 98 cents early Thursday before it rebounded to nearly $1, according to CoinDesk data.

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