It's because Alameda played the wrong bet: they liked the degen yield farming, got caught with a big hole once the musical chairs stopped (400M loan to Voyager, for instance), printed fake assets to reshore their finances, got caught by CZ who said fuck it, burn, I sell everything you ever gave me, and now whatever USDT they had is slowly being redeemed, but I dont know how much deltec can process.

Thank God, I guess, that they're neighbours in Nassau.