PANews reported on October 10 that Conor Grogan, product director of Coinbase, posted on the X platform that on-chain data showed that Alameda Research was responsible for minting 39.55 billion USDT, which accounts for 47% of Tether's circulating supply today. According to SBF data, the number of USDT minted is higher than the asset management scale of Alameda Research at its peak. "Part of the reason is that Tether seems to be coordinating off-chain destruction. They don't have a deposit address, but simply send funds directly to the finance department. If we assume that all USDT redemptions from FTX come from Alameda, then they redeemed $3.9 billion in USDT (most of which were within 2 days during the Luna implosion in May)."