BlocksInform
Only four men controlled 86% of the issuer of stablecoin Tether Holdings Limited in 2018, according to documents obtained by the Wall Street Journal in the framework of investigations conducted by the American authorities.
Probes by the New York Attorney General’s office and the Commodity Futures Trading Commission into Tether Holdings in 2021 exposed its previously unknown ownership structure. The society is the issuer of tether (), the biggest stablecoin of the world with 68 billion dollars in circulation, according to the monetary capitalization.
According to the records, Tether was built through the joint efforts of former plastic surgeon Giancarlo Devasini and former child actor and crypto brock pierce entrepreneur. In September 2014, Tether Holdings was added to the UK Virgin Islands.
Four years later, Pierce had left the company and Devasini owned approximately 43 per cent of the company's assets. Devasini has also helped build crypto exchange bitfinex, where he is currently CFO. According to the documents, Jean-Louis van der Velde, chief executive officer of bitfinex, and Stuart Hoegner, chief executive officer of bitfinex, each owned about 15% of the twine in 2018.
The fourth largest shareholder in 2018 was a dual citizen known as Christopher Harborne in the UK and chakrit sakunkrit in Thailand, which held 13 per cent.
By means of their own assets and another related company, the four men controlled about 86% of the charge, according to the report.
Technical Director Paolo Ardoino tweeted that the Journal article was a "clown article" that would stimulate business growth:
The more clown items there are, the more connections there are. They understand that attachment is the defence of freedom and inclusiveness. It's annoying about the HSH.
Finally holepunch will break the media in this way.
— Paulo Ardoino (@paulo oardoino) February 2, 2023
A spokesman for Tether stated that Ardoino's messages were the company's official response to the article. In November, another article claimed that Tether could be deemed “technically insolvent” if its assets fell 0.3%. Company tagged this article as "false information."
Tether to WSJ pic.twitter.com/ESGblkrO7b
— Paolo Ardoino (@paoloardoino) February 2, 2023
A settlement between Tether and the New York Attorney General’s office was reached in 2021 after the company allegedly misrepresented the amount of fiat collateral backing its stablecoin. In addition to paying $18.5 million in damages to the state of New York, the company was required to submit periodic disclosures of its reserves, Cointelegraph reported.
