CandleFocus Inside the Crypto Web: Cumberland’s Controversial Role and Tether’s Troubling Ties
2024-10-13
Author: Content Editor
Cumberland, a subsidiary of DRW, and Sam Bankman-Fried's Alameda Research have been revealed to be responsible for the majority of Tether (USDT) issuance, totaling over $60 billion. Cumberland also purchased 27,000 BTC from the US Marshals sale of Mt. Gox Bitcoin and has connections to various organizations. Reports suggest that fraud and money laundering may be linked to Cumberland's activities, making them a major player in funneling cryptocurrencies through Chinese wallets. Former CEO of FTX and Alameda, Ryan Salame, has been sentenced to 7.5 years in prison for fraud, and the SEC has charged Cumberland for selling unregistered securities. Additionally, DRW has investments in BitGo, creating a complex web of influence in the crypto landscape. The interconnected relationships and revelations surrounding these players call for increased scrutiny and careful consideration within the cryptocurrency ecosystem.
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