Neuralink, founded by Musk, is a neurotechnology company that aims to connect human brains directly to computers via brain-computer interfaces. It’s part of a broader goal to assist individuals with neurological disorders like paralysis or blindness. Musk also imagines that Neuralink could facilitate high-bandwidth communication between humans and machines, potentially merging human cognition with artificial intelligence.

Tether’s strategic investment of $200 million in Blackrock Neurotech in April 2024 made it the majority stakeholder in the company, which was established in 2008 by scientists and brain-computer interface (BCI) pioneers Dr. Florian Solzbacher and Marcus Gerhardt at the University of Utah. Blackrock Neurotech’s technology has already enabled patients to control robotic arms, wheelchairs, send messages, surf the internet, and even drive a car using only their thoughts, according to Tether.

“In my opinion, they are significantly more advanced than Neuralink at this point,” Ardoino stated to The Block. “They already have over 40 patients. The next generation of the brainchip is just incredible.”

Like Musk, Ardoino also dreams of developing a unique “brain operating system” in the future. “What I want to do to set us apart from everyone else is to build an open-source brain operating system. I believe that this will be the next smartphone in the next 15 to 30 years,” he expressed.

“We might be on time to build an open-source technology that ensures no one is controlled by a tech giant. I’m a cautious person, so I want to make sure that everyone is on a level playing field,” he added.

In recent years, Tether, which generated a profit of roughly $13 billion in 2024 with a team of fewer than 200 and now holds over 100,000 BTC ($10 billion), has been assertively investing in a range of projects beyond stablecoins in various sectors, including artificial intelligence, telecommunications, data centers, energy infrastructure, and bitcoin mining.

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Changpeng Zhao, CEO of Binance, addressed Bankman-Fried in a Signal group conversation on Nov. 10:

Stop trying to depeg stablecoins.

The conflict originated from transactions by Mr. Bankman-Fried’s business, Alameda Research, that Binance’s CEO and others thought might destabilize tether, a dollar-pegged stablecoin. A dip in tether’s price might have driven down other cryptocurrencies due to its prominence. Paolo Ardoino, CTO of Tether Holdings Ltd., Justin Sun, inventor of Tron, and Kraken co-founder Jesse Powell were all in the Signal group, according to persons familiar with the talks.

The clash reflects the crypto market’s nervousness as FTX fights for survival and investors fear contagion. It highlights the crypto market’s unusual business methods. Due to collusion and antitrust issues, such a chat group is inconceivable in conventional markets. Mr. Ardoino voiced fears on Nov. 10 that Alameda was attempting to drive down the price of tether and other cryptocurrencies.

Industry participants suspected Alameda was seeking to reduce its obligations, which are denominated in volatile tokens whose value would have fallen in a market crash. Tether fell more than 2 cents after Mr. Zhao’s warning. Mr. Bankman-Fried called prospective rescuers for financing to fund FTX’s multibillion-dollar deficit. A day ago, Binance cancelled a rescue package. 11/11 FTX and Alameda filed for bankruptcy.

Alameda borrowed more than 1 million tether from crypto loan site Aave on Nov. 10, including a 250,000-tether transaction that attracted traders’ attention online. The hedge firm swapped some tether for competitor stablecoin USDC, raising fears that Alameda was attempting to devalue tether. Stablecoins like tether are crucial to cryptocurrency trading in the last two years as traders prefer stablecoins over fluctuating digital tokens.

Mr. Bankman-Fried disputed that Alameda tried to knock tether off its peg. Bankman-Fried called the accusations “absurd.” He said that trades of that amount wouldn’t affect tether’s price. A source close to Alameda claimed the tether transactions were meant to settle holdings and repay loans.

Mr. Zhao argued that the concern wasn’t the quantity of the trades but rather the frequency, which might overwhelm market makers whose trading activity helps maintain tether at $1. If too many sell orders come in at once, market makers may struggle to purchase, causing a price decline.

Bankman-Fried and Zhao were lifelong opponents. Mr. Zhao’s November statement that Binance would sell its FTT assets released a flood of financial pressure on Mr. Bankman-Fried’s firms, which then came to collapse.

The post On the Eve of FTX Crash, Sam Bankman-Fried Attempted to Destabilize the Cryptocurrency Market appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.