Tether and Bitfenex Traded in the Darkest Corners of the Financial System

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Last year, the new york a g letitia james called John carlo devassini and his colleagues unlicensed and unregulated individuals. Neither tether nor bitfenex admitted wrong doing in their settlement with the attorney general but they were asked to pay 18 and a half million dollars in penalties. Tether has had a very, i think, vociferous back and forth with critics, saying, our stuff is safe, and people say, no, it's not. And that could cause big ripple effects in traditional markets, as they're doing a fire sale.

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On this episode, we’re diving back into the world of stablecoins for part 2 of 2 in our miniseries on crypto. This time, it’s a story filled with troubled companies and a real life fire that sends a business up in smoke. With the help of FT reporters Kadhim Shubber and Siddharth Venkataramakrishnan, we dig into the professional histories of two executives who sit atop two of crypto’s most important businesses: stablecoin issuer Tether and exchange Bitfinex.

Clips courtesy CSPAN

For further reading:

Tether’s CEO: from IT sales to calling the shots in crypto land

Tether: the former plastic surgeon behind the crypto reserve currency

The week that shook crypto

On Twitter, follow FT reporters Kadhim Shubber (@Kadhim), Siddharth Venkataramakrishnan (@SVR13) and Ethan Wu (@EthanYWu)

Read a transcript of this episode on FT.com

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