Leading stablecoin provider Tether froze $46 million of USDT held by the embattled cryptocurrency exchange FTX at the request of law enforcement “while an investigation occurs.”
The Bahamas securities regulator has meanwhile frozen the assets of Sam Bankman-Fried’s exchange and moved to appoint a liquidator for one of its entities as the exchange looks to secure funds from various investors.
FTX has been dealing with a liquidity crisis after a leaked balance sheet from Alameda Research revealed it relied heavily on its FTT token and tokens from the Solana ecosystem with low liquidity. What ensued was a bank run on the exchange.
Leading exchange Binance has walked away from a potential acquisition of FTX, but Bankman-Fried is reportedly in talks with a number of investors to secure funds. These include TRON founder Justin Sun, rival crypto exchange OKX, and various investment funds.
The exchange is said to be looking to raise $9.4 billion. Dan Loeb’s Third Point is among 30 to 40 investors that have access to FTX’s data room, reports suggest. FTX has announced an agreement with Tron for a special facility to let TRX, BTT, JST, SUN, and HT holders swap assets to external wallets.
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