Bitfinex CTO talks about the Luna crash: Tether pays $20 billion in reserves within 30 days

ChainCatcher news, according to Techpoint, Bitfinex's Chief Technology Officer Paolo Ardoino recently discussed in an interview that the collapse of Luna in 2022 tested Tether's reserves. Ardoino stated, "In terms of fiat currency in the crypto industry, Tether is the largest gateway. Many people wanted to redeem Tether, and $7 billion was redeemed within 48 hours. That was 10% of our reserves."

For comparison, Ardoino mentioned that Washington Mutual (WaMu) went bankrupt after paying out 11% of its reserves ($16.7 billion) in 10 days. According to Ardoino, the payouts lasted for one month and three days, during which Tether paid out 25% of its reserves, over $20 billion. (source link)