🐋 WHALE WATCH : Circle banned Heka an $800M Tether backed fund, in late 2023. New court filings made it public. Circles reasoning: Heka exploited USDC arbitrage during the SVB crisis to shift billions into USDT at Circles expense. Heka sued for $49M in lost profits. The arbitrator ruled for Circle finding the fund acted in bad faith. Tether backed capital running arbitrage against USDC during a bank run, then suing when Circle cut them off. The arbitrators bad faith finding says everything about how that looked on the evidence. Circle won. The stablecoin wars just got a paper trail.(Whale Factor)