CoinEdition’s report says that Tether is owned by inexperienced founders

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© Reuters. The report says that Tether is owned by inexperienced founders
  • It is reportedly controlled by a few experienced group of founders.
  • These founders control 86% of Tether holdings.
  • Documents supporting the claims were shared by The Wall Street Journal.

According to a recent article in the Wall Street Journal, new information has emerged about the founders and owners of Tether Holdings. Documents reviewed by the Wall Street Journal reveal that the $68 billion stablecoin empire is run by a group of financially insufficiently experienced founders and owners.

The report also shows that one of the founders is a former child actor turned cryptocurrency investor, and another is a former plastic surgery practitioner who then made his way into electronics and then cryptocurrency.

The documents also revealed that the four-man group controlled more than 86% of the rope’s holdings. The stablecoin empire has also been very secretive in terms of its ownership structure.

However, the tether has managed to maintain its strength throughout the 2022 bear market. The severe crash of Terra’s UST has had repercussions, especially for stablecoins. The trust that people had in stablecoins to maintain their pegs also deteriorated after the fall of the reservoirs.

The entire purpose of stablecoins is to maintain their peg despite market volatility and customer withdrawals. …

The Tether publication is owned by a few inexperienced founders, the report says it first appeared in Coin Edition.

See the original on CoinEdition

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