Just four men controlled 86% of stablecoin issuer Tether Holdings Limited
Luisa Crawford Feb 04, 2023 12:02
The Wall Street Journal reported that four persons owned 86% of Tether Holdings Limited in 2018.
According to data obtained by The Wall Street Journal in connection with investigations being carried out by authorities in the United States, as of the year 2018, only four people owned 86% of the stablecoin issuer Tether Holdings Limited. These investigations are being carried out by authorities in the United States.
The previously unknown ownership structure of Tether Holdings was disclosed in 2021 as a consequence of investigations that were carried out by the office of the New York Attorney General in conjunction with the Commodity Futures Trading Commission. According to CoinMarketCap, the company is the issuer of Tether (USDT), which is the largest stablecoin in circulation with 68 billion dollars' worth of it now in circulation. This information was obtained from the website.
According to the documents, Giancarlo Devasini, a former cosmetic surgeon, and Brock Pierce, a former child actor who is now a cryptocurrency entrepreneur, worked together to create Tether. Brock Pierce is now a businessman in the cryptocurrency industry. In September of 2014, the British Virgin Islands served as the location for the formal launch of Tether Holdings as a limited liability corporation.
After another four years, Pierce had already left the company, and at that time, Devasini had around 43% of the company's shares of Tether. Additionally, Devasini was essential in the founding of the cryptocurrency trading platform Bitfinex, where he now works as the chief financial officer. Devasini's contributions to the construction of this platform may be seen here. According to the available evidence, both Jean-Louis van Der Velde, the Chief Executive Officer of Bitfinex, and Stuart Hoegner, the Chief Counsel of Bitfinex, held around 15% of Tether in 2018.
The dual citizen identified as Christopher Harborne in the United Kingdom and Chakrit Sakunkrit in Thailand owns 13% of Tether as of the end of 2018, making him the fourth-largest investor in the firm. Christopher Harborne is known as Chakrit Sakunkrit in Thailand.
According to the findings of the inquiry, four individuals held close to 86 percent of Tether, either via their own personal assets or through another company that was connected to them.
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