Tether: The coin that can destroy a crypto

Even by the often surreal standards of cryptocurrency, Tether has a special history. The company was founded in 2014 by Brock Pierce, an evangelist in cryptocurrency, who as a child actor participated in the films “My Ducks”. He and his partner, Reeve Collins, later handed over control of the company to a former plastic surgeon named Giancarlo Devasini, who holds some of Tether’s assets in a bank in the Bahamas run by one of the creators of the Inspector Gadget cartoon.

Tether is growing fast. Last year, it issued approximately 50 billion stable coins, more than three times the world’s supply. “If we have to buy back to the last cent, we can do it,” he said. Ardoino said in the interview.

The company is managed by about 50 employees in Europe, Asia and Latin America. Its CEO JL van der Velde is a Dutch businessman whose LinkedIn profile assumes it is based in Hong Kong; the company declined to confirm his whereabouts. He and Mr Devasini, the chief operating officer, rarely speak in public. Tether’s public face is Mr. Ardoino, who describes his colleagues as “normal people”, amazed by the company’s growth.

“At first they didn’t think it would be that big,” he said. said Ardoino. “They were not prepared to be public figures. There is nothing wrong with this.”

Sometimes Tether insisted that his stablecoins were fully backed by US dollars. But last year, New York Attorney General Letitia James, Called these allegations “lie”.

A few years earlier, the cryptocurrency exchange linked to Tether lost $ 850 million in a failed business deal. To cover the losses, the Bitfinex exchange took loans from Tether’s reserves, leaving the stable stable partially unsecured, according to Ms. Investigation of James.

Related Posts

Leave a Reply

Your email address will not be published.