Coinbase, Tether, and Circle Deny Having Exposure to Alameda and FTX

November 10, 2022

MCP News Free

Coinbase, Tether, and Circle Deny Having Exposure to Alameda and FTX

As FTX cryptocurrency exchange and trading firm Alameda research are battling with a liquidity crisis, some of the concerned crypto companies have released statements to assure their users of their stability.

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Tether, Circle, and Coinbase React to Community Fears on Exposure to FTX and Alameda

To react to the fears of the community, especially their users, Tether CTO, Paulo Ardoino cleared the air in a tweet on Wednesday by assuring users that it has no exposure to either FTX or Alameda research current liquidity crisis. Although Alameda had earlier redeemed a lot of USDT, even with this, Ardoino highlighted that no credit exposure has matured.

To be clear: #Tether does not have any exposure to FTX or Alameda. 0. Null.
Maybe is time to look elsewhere.
Sorry guys. Try again. https://t.co/1bRNUGrttr
— Paolo Ardoino ???? (@paoloardoino) November 9, 2022

Furthermore, USDC stablecoin issuer Circle has as well made a statement on the concerns of the community whether it is exposed to FTX and Alameda liquidity crisis, the CEO of Circle, Jeremy Allaire also took to Twitter to calm the tense users which according to him, “Circle has no material exposure to FTX and Alameda.”

2/ Circle has no material exposure to FTX and Alameda. FTX has been a customer of Circle Payment APIs for the past 18 months, providing card and ACH services for customer transactions. Circle's crypto payments beta product uses FTX and other exchanges, for BTC/ETH liquidity.
— Jeremy Allaire (@jerallaire) November 9, 2022

Also, Brian Armstrong, the CEO of the US’s largest cryptocurrency exchange has as well cleared the doubt of users in a tweet on 8 November.

2/ Second, Coinbase doesn't have any material exposure to FTX or FTT (and no exposure to Alameda).
— Brian Armstrong ????️ (@brian_armstrong) November 8, 2022

In his tweet, he assured Coinbase users of zero exposure to FTX and Alameda. Coinbase executives also criticized the event as a result of risky business practices such as the misuse of customer funds and conflicts of interest.

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