Secret connections between the FTX exchange and the Bahamian bank Daltec. What is the relationship with Tether?

A recent court hearing revealed secret connections between Alameda Research, a subsidiary of the bankrupt FTX, the American company Tether and the Bahamian bank Deltec. Bloomberg reports this.

FTX Exchange Used Secret Credit Facility to Resell USDT

During the FTX trial, Carolyn Ellison, a former partner of Sam Bankman-Fried and former CEO of Alameda Research, spoke about the close relationships that enabled the FTX exchange to achieve enormous profits. All this thanks to the money of clients of the cryptocurrency platform who are still waiting for their rights to be restored.

V report On February 16, Bloomberg reported that Bahamas-based Deltec bank Sam Bankman-Fred helped secretly transfer funds from FTX clients to Alameda.

More precisely, the report states that between 2020 and 2021, Alameda issued “billions” of USDT, Tether’s stablecoin. Then sell it when it's worth more than $1 and make a profit. Then, a few days later, Alameda paid out those USDT as soon as it made a profit.

However, this agreement was not reached with Tether, but with the bank Daltak (Deltec, which provided a "secret line of credit" to Sam Bankman Freed.

The new investigation comes as part of a case brought by lawyers representing various FTX clients seeking compensation. They were able to support their business with the help of Caroline Ellison. Who, in turn, shared thousands of pages of internal discussions from various Telegram channels that used the exchange for executive and administrative transactions!

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Daltec closed its eyes for profit, and Tether distanced itself from the crisis

During commercials FTX Bankruptcy, Tether Inc. insists on confirming that its stablecoin USDT was not affected by the crisis. And this despite the fact that at that time its value decreased slightly.

After FTX's secret dealings with Bahamian bank Daltec, which is also accused in the case, became known, Ethir distanced itself from the conflict. Her lawyer has not yet issued a statement in response to these allegations.

According to Bloomberg, Tether CFO Giancarlo DeFasini allegedly exchanged text messages with Alameda Research traders on several occasions. They also exchanged congratulations as USDT's market cap rose.

On the other hand, according to information revealed during the trial, Daltac knew that the funds transferred to him were funds of FTX clients. But this did not prevent it from being transferred to Alameda, although the two entities were independent. In addition, a senior Daltec official allegedly directly asked the Alameda team to keep these transfers confidential.

However, the Bahamian bank's lawyer denied that Daltak knew the truth about FTX's illegal activities, he said. Before it is revealed on November 6, 2022.