FT News Briefing Behind the Money: Tether’s path to the spotlight
Jun 5, 2022
Kadhim Shubber, a Financial Times reporter, dives deep into the controversial world of Tether, revealing the intriguing backgrounds of its CFO, Giancarlo Devasini, and other top executives. They discuss Tether's tumultuous journey from a promising stablecoin to facing regulatory scrutiny and potential implications of a bank run. A deep comparison is made to the collapse of Terra, highlighting the risks involved in Tether’s operations. Shubber also examines the urgent need for transparency and the challenges imposed by increasing regulations in the crypto landscape.
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Devasini's Business History
- Giancarlo Devasini's Bitfinex bio stated he sold his company Solo and retired before the 2008 financial crisis.
- However, FT reporters found that Solo's warehouse burned down, impacting the business negatively.
Devasini's Career Path
- Devasini, born in Italy, was a plastic surgeon before transitioning to selling electronics in East Asia.
- He returned to Italy and started several businesses under Solo, some of which were later destroyed in a fire.
Vandervelde and Huashun Electronics
- JL Vandervelde, Devasini's business partner, worked in tech sales in Hong Kong for almost 30 years.
- After acquiring Huashun Electronics, the company faced financial and legal trouble in China.