[graeme]

No there was a $10 billion market cap reduction. The exchange rate on Tether’s owned exchange, Bitfinex was $1 most of the past week where it was less elsewhere. Likely Tether was using open market operations to trade dollars for Tethers and keep the rate up.

Documenting a redemption would involve using the official redemption mechanism where you redeem $100,000+ at a time, pay a $100-$1000 fee, get a wire transfer from Tether etc. If you can find anyone ever documenting having done that, let me know

[drexlspivey]

How about the CEO of FTX who says they are doing it every day ? https://www.bloomberg.com/news/articles/2022-04-25/odd-lots-...

[graeme]

Sam Bankman Fried would be among those most likely to be co-defendants in a trial.

But, what I said was it’s never been documented.

* Does he buy Tether at par or at a discount?

* Can he redeem when he wants, in any quantity, or do they have arrangements?

* Is he redeeming for dollars or in kind? Terms allow for latter

* Does he buy with dollars or with commercial paper?

I do not believe he has shown material which would let us answer any of these questions