Tether's CTO confirms there are no plans to save FTX

FTX will not receive a bailout from Tether which has confirmed that it does not plan to provide a cash injection despite the fact that the CEO reportedly contacted several companies for assistance.

Cryptocurrency exchange FTX has lost at least one potential lifesaver as it struggles to plug a multi-billion dollar hole in its balance sheet.

The CTO of stablecoin issuer Tether, Paolo Ardoino, confirmed on Nov. 10 that the company has “no plans to invest or lend money to FTX/Alameda.”

Tether does not intend to invest or lend money to FTX/Alameda. Full stop.

Ardoino's comments came after a Nov. 10 Reuters report suggested that FTX was now in a $9.4 billion deficit, with FTX CEO Sam Bankman-Fried contacting several companies looking for cash to keep the stock market afloat.

According to the report, Tether, crypto exchange OKX, and venture capital firm Sequoia Capital are some of the companies Bankman-Fried has approached for funding, apparently asking for $1 billion or more from each of the companies.

Tether's CTO's response seems consistent with the sentiment of a November 9 blog post from Tether that assured the community that it was not exposed to Alameda or FTX.

It was also reported that the stablecoin issuer froze 46,360,701 Tether (USDT) owned by FTX in its Tron blockchain wallet on November 10 to comply with...