Spoiler alert: Alameda Research and Cumberland are on the list.
The Protos news portal has produced a report controversial: the companies Alameda Research and Cumberland would have acquired 70% of all Tether (USDT) in circulation in the market. The most famous stablecoin on the market is present in all the main exchanges in the world.
According to the portal team, several months were devoted to investigating every transaction carried out through the USDT, from 2014 until October 31 of this year. Since then, the following scenario in chain swaps (USDT transfer process between protocols) has been discovered:
- 108 billion USDT were distributed around the world;
- 32 billion in USDT were received during the same period;
- Most of the funds were sent directly to market makers (entities able to profit from the spread of assets) and liquidity providers.
An interesting detail: the data reported during the analysis will not always be in equal proportions (1:1) with the supply of tokens in circulation.
Within this scenario, Alameda Research, led by crypto-billionaire Sam Bankman-Fried, and Cumberland received at least 60.3 billion USDT within the analyzed period. This equates to 55% of all stablecoin’s output volume since its launch.
Cumberland Global, a cryptocurrency trading subsidiary, is an important ally of Binance as a source of liquidity. She has been working with the world’s largest exchange since mid-2019.
Alameda Research, on the other hand, is an investment fintech, founded in 2017 with the objective of avoiding banking problems, since its focus was on carrying out arbitrage operations in Japanese brokerages.
Currently based in Hong Kong, Bankman-Fried’s company plans to move to Nassau, another well-known tax haven.