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Even by crypto’s often surreal standards, Tether has a history of its own. was established by in 2014. Brock PierceHe is a cryptocurrency evangelist who acted as a child actor in the “Mighty Ducks” movies. He and his partner, Reeve Collins, later transferred control of the company to a former plastic surgeon named Giancarlo Devasini, who hid some of Tether’s assets in a bank in the Bahamas run by one of the creators of the “Inspector Gadget” cartoon.
Tether grew rapidly. Last year, it issued roughly 50 billion stablecoins, more than three times the worldwide supply. “If we have to use it to the last penny, we can do it,” Mr. Ardoino said in the interview.
The company is operated by approximately 50 employees in Europe, Asia and Latin America. Its CEO, JL van der Velde, is a Dutch businessman. LinkedIn profile Claims to be based in Hong Kong; The company refused to confirm its location. He and his chief operating officer, Mr. Devasini, rarely speak in public. Tether’s public face is Mr. Ardoino, who describes his colleagues as “normal people” who were surprised at the company’s growth.
“They didn’t think it would get this big at first,” said Mr. Ardoino. “They were not ready to be public figures. There’s nothing wrong with that.”
Tether has at times insisted that its stablecoins are fully backed by the US dollar. But last year, New York Attorney General Letitia James, wanted Those who claim to be “lies”.
A few years ago, a Tether-affiliated cryptocurrency exchange lost $850 million in a business deal that went bad. To cover the losses, the exchange Bitfinex took a loan from Tether’s reserves, leaving the stablecoin partially unsupported. According to Mrs. James’ research.
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