Alameda Minted $38B USDT Off Arbitrage Trading, Says Coinbase Director; China Daily To Launch NFT Platform

Here are some of the major developments from the world of crypto over the past few days
Alameda Minted $38B USDT Off Arbitrage Trading, Says Coinbase Director; China Daily To Launch NFT Platform
Alameda Minted $38B USDT Off Arbitrage Trading, Says Coinbase Director; China Daily To Launch NFT Platform

Coinbase director Conor Grogan has said that Sam Bankman-Fried’s Alameda Research minted over $38 billion USDT tokens in 2021 despite not having the equivalent assets under management.

According to Grogan, the total value of USDT creation was higher than Alameda’s total assets on its books at the height of the wider cryptocurrency market bull-run in 2021. Grogan said the FTX-ordered USDT redemptions were likely to have been from Alameda’s tokens, totalling 3.9 billion USDT. The majority of this redemption amount was carried out during the collapse of Terra’s algorithmic Stablecoin, he added.

In January 2021, former Alameda co-CEO Sam Trabucco weighed in on prevailing reports of significant USDT mints carried out by Tether and gave inside insights into how Alameda profited off arbitrage opportunities relating to the value of USDT to various trading pairs across different exchanges.

China Daily To Launch NFT Platform

China Daily, an English-language newspaper owned by the Chinese Communist Party, wants to create its very own metaverse and non-fungible token (NFT) platform.

According to a recent announcement, China Daily is awarding 2.813 million Chinese yuan or $390,000 to a third-party contractor to design the NFT platform within its budget specifications.  

The contractor could “either be a Chinese or foreign” firm specialising in blockchain, China Daily wrote. In addition, the mainnet of the Blockchain firm that wins the contract must be capable of handling upwards of 10,000 transactions per second. Contractors will have until October 17, 2023 to submit their application and design the platform within three months’ time.  

The aim of the China Daily NFT Platform is to “improve the spread of the influence of the Chinese Civilisation” through means, such as the use of the “metaverse, virtual reality (VR), augmented reality (AR), mixed reality (AR), and Blockchain, irreplaceable digital assets (NFT), big data, cloud computing and other technologies.”

Ordswap Urges Users To Recover Keys After Losing Website  

Ordswap, a marketplace that allows users to inscribe, auction and trade Bitcoin Ordinals, has devised a method for users to retrieve their private keys even as it scrambles to regain control of its website domain.

In an October 10, 2023 post on X (previously Twitter, Ordswap shared an online tool that purports to help users who logged into the site through MetaMask to recover their Ordswap private keys, allowing them to move to other providers.

Hours earlier, on October 9, Ordswap posted a stark warning to users not to connect to its domain as it was not in control of it. It pinned the issue on Netlify, a website development and hosting firm.

Incidentally, before the website was taken down, some Ordswap users had said that the compromised website was directing users to a phishing link.

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