#TETHER distributed $108.5 billion in USDT,
received $32.7 billion in $USDT in that same period,
sent a staggering majority of $USDT directly to market makers and liquidity providers.
received $32.7 billion in $USDT in that same period,
sent a staggering majority of $USDT directly to market makers and liquidity providers.
Some of these entities maintain crypto exchanges; the data presented here relates specifically to their operational addresses as companies.
#Tether supplied categorized “market makers” with 89.2% of all $USDT ($97 billion) it sent.
Trading funds and other miscellaneous companies received $9.2 billion (8.5%).
Smaller transactions deemed to have been received by “individuals” amounted to $2.35 billion (2.3%).
Trading funds and other miscellaneous companies received $9.2 billion (8.5%).
Smaller transactions deemed to have been received by “individuals” amounted to $2.35 billion (2.3%).
market makers Alameda Research (spearheaded Sam Bankman-Fried) and Cumberland Global (a subsidiary of trading giant DRW) are still the biggest fish in #Tether markets. Together, Alameda and Cumberland received at least $60.3 billion in USDT across the time period analyzed,
equal to around 55% of all outbound volume — ever.
$49.2 billion (71%) of Alameda and Cumberland’s USDT was acquired in the past year alone, equal to about 60% of all Tether issued in that time. Hi
$49.2 billion (71%) of Alameda and Cumberland’s USDT was acquired in the past year alone, equal to about 60% of all Tether issued in that time. Hi
#Tether sent almost $36.7 billion in USDT to Alameda Research.
$31.7 billion (86%) was received in the past year
Alameda Research accounted for 37% of all outbound volume.
#Tether sent nearly $30.1 billion (87%) of Alameda’s USDT directly to FTX!
$31.7 billion (86%) was received in the past year
Alameda Research accounted for 37% of all outbound volume.
#Tether sent nearly $30.1 billion (87%) of Alameda’s USDT directly to FTX!
blockchain data shows Alameda operating on a number of other crypto exchanges.
Alameda also received:
$2.1 billion (6%) on #Binance,
$1.7 billion (5%) on Huobi,
$115 million (less than 1%) to OKEx.
Alameda’s also had $705 million, 2% Thether sent to non-exch addresses
Alameda also received:
$2.1 billion (6%) on #Binance,
$1.7 billion (5%) on Huobi,
$115 million (less than 1%) to OKEx.
Alameda’s also had $705 million, 2% Thether sent to non-exch addresses
Cumberland Global is the crypto-trading subsidiary of markets powerhouse DRW, founded in 1992 by chief exec Donald R. Wilson.
DRW is one of finance’s top dogs, particularly in futures markets
Cumberland was first launched in 2014,
DRW is one of finance’s top dogs, particularly in futures markets
Cumberland was first launched in 2014,
#Tether sent $23.7 billion in USDT to Cumberland.
$17.6 billion (74%) was received in the past year.
Cumberland received 22% of all outbound volume.
Cumberland is one of #Binance’s primary liquidity providers and market makers, and has been on the exchange since 2019.
$17.6 billion (74%) was received in the past year.
Cumberland received 22% of all outbound volume.
Cumberland is one of #Binance’s primary liquidity providers and market makers, and has been on the exchange since 2019.
Tether issued Cumberland $18.7 billion in #USDT 79% directly to #Binance, and other exchanges:
$131.5 million Poloniex.
$9 million #Bitfinex.
$30 million on both #Huobi and #OKEx.
The rest of Cumberland’s Tether $4.9 billion, 21%) was sent to non-exchange addresses.
$131.5 million Poloniex.
$9 million #Bitfinex.
$30 million on both #Huobi and #OKEx.
The rest of Cumberland’s Tether $4.9 billion, 21%) was sent to non-exchange addresses.
#iFinex is the mother company to Bitfinex and Tether.
The group has existed in the cryptocurrency space since 2013 and has survived three different hacks, regulatory scrutiny, and extended criticism from online commentators and mainstream media.
The group has existed in the cryptocurrency space since 2013 and has survived three different hacks, regulatory scrutiny, and extended criticism from online commentators and mainstream media.
iFinex operates as a lender, exchange, stablecoin issuer, VC fund, and trading desk. It has a parent company, the Hong Kong-registered DigFinex.
It’s difficult to determine exactly which country iFinex, Bitfinex, and Tether operates out of: there are no actual offices. Instead,
It’s difficult to determine exactly which country iFinex, Bitfinex, and Tether operates out of: there are no actual offices. Instead,
the organization is a mesh of shell companies located in the #BritishVirginIslands, #HongKong, #Switzerland, and other jurisdictions.
iFinex owners and shareholders seem to be the same individuals who launched it:
iFinex owners and shareholders seem to be the same individuals who launched it:
chief exec JL Van der Velde and chief financial officer Giancarlo Devasini — the two-man team leading Bitfinex and Tether
CTO Paolo Ardoino began working for the pair in 2016. Functionally, as the creators of #Tether, they work with everyone who receives #USDT.
CTO Paolo Ardoino began working for the pair in 2016. Functionally, as the creators of #Tether, they work with everyone who receives #USDT.
#Tether sent at least $4.5 billion in $USDT to #iFinex.
Only $197.5 million (4%) of that was in the past year.
iFinex received at least 4% of all outbound volume.
Only $197.5 million (4%) of that was in the past year.
iFinex received at least 4% of all outbound volume.
#iFinex was one of Tether’s first true “market makers.” The firm issued iFinex $4.5 billion in $USDT between October 2016 and the start of 2020 — equal to 96% of iFinex’s trackable receipts.
$4.46 billion (9.99%) to #Bitfinex.
$1.1 million to wallets unrelated to #Bitfinex.
$4.46 billion (9.99%) to #Bitfinex.
$1.1 million to wallets unrelated to #Bitfinex.
#iFinex received at least 4% of all $USDT issued across the time period analyzed.
#iFinex and its subsidiaries have invested in several other ventures, Netki (a digital identity company) and #Exordium (a video game company owned by Blockstream’s Samson Mow).
#iFinex and its subsidiaries have invested in several other ventures, Netki (a digital identity company) and #Exordium (a video game company owned by Blockstream’s Samson Mow).
Zug-registered Nexo is a sizable player in the DeFi ecosystem. It operates an exchange, a crypto lending service, and an over-the-counter trading desk.
Nexo’s crypto platform offers yield on a raft of cryptocurrencies, including stablecoins like #Tether.
Nexo’s crypto platform offers yield on a raft of cryptocurrencies, including stablecoins like #Tether.
Nexo has been around since 2017, having deployed its own utility token NEXO in May 2018.
Understandably, Nexo handles large amounts of $USDT to help manage its activities within the space.
#Tether sent Nexo $2.6 billion in USDT.
Practically all of that was in the past year.
Understandably, Nexo handles large amounts of $USDT to help manage its activities within the space.
#Tether sent Nexo $2.6 billion in USDT.
Practically all of that was in the past year.
Nexo received a touch over 2% of all outbound volume.
The group doesn’t issue directly to exchanges, instead relying on intermediary wallets to manage its $USDT.
The group doesn’t issue directly to exchanges, instead relying on intermediary wallets to manage its $USDT.
Nexo directed at least $1.7 billion $USDT directly to its own platform, but similarly to Alameda Research, it is active across multiple exchanges.
As for where Nexo directs its $USDT (these figures also include $USDT inflows not directly from #Tether Treasuries),
As for where Nexo directs its $USDT (these figures also include $USDT inflows not directly from #Tether Treasuries),
the unit: sent roughly $1.45 billion in USDT to #Binance,
directed $111 million in USDT to #Huobi,
and deposited more than $57 million USDT to #FTX.
Nexo also administered $39 million $USDT to defunct Chinese exchange RenRenBit, and $84 million $USDT to #Bitfinex.
directed $111 million in USDT to #Huobi,
and deposited more than $57 million USDT to #FTX.
Nexo also administered $39 million $USDT to defunct Chinese exchange RenRenBit, and $84 million $USDT to #Bitfinex.
NB: Nexo and other entities named in this are known to handle funds on behalf of their clients. So, it could be that some of their outflowing USDT was processed for those parties.
The firm sent roughly $35 million in $USDT to addresses not linked directly to exchanges.
Last month, the New York Attorney General issued Nexo a cease and desist notice to stop it from offering services to crypto users in the state.
its chief exec is Antoni Trenchev
Last month, the New York Attorney General issued Nexo a cease and desist notice to stop it from offering services to crypto users in the state.
its chief exec is Antoni Trenchev
Heka is a market-neutral market maker operated by academics from the University of Malta and several other Maltese individuals.
Specifically named in the Paradise Papers are Professor Simon Grima, Dr. Frank Dimech, as well as Joseph Xuerub and Adrian Galea.
Specifically named in the Paradise Papers are Professor Simon Grima, Dr. Frank Dimech, as well as Joseph Xuerub and Adrian Galea.
The price per share to invest in Heka’s private fund is public and has increased by nearly 100% over three years. Minimum investment amount is $85,000.
Heka seems to be tied to Abraxas Capital Management — a company controlled by professional portfolio manager Fabio Frontini and based in London.
Tether sent Heka more than $1.5 billion in $USDT.
$1.1 billion (71%) of that was distributed in the past year.
Tether sent Heka more than $1.5 billion in $USDT.
$1.1 billion (71%) of that was distributed in the past year.
Heka received about 1.5% of all Tether ever distributed.
Heka is primarily a cryptocurrency trading operation.
So, naturally it requested Tether directly to the various exchanges it inhabits.
Heka is primarily a cryptocurrency trading operation.
So, naturally it requested Tether directly to the various exchanges it inhabits.
Overall,
Heka utilized: $1.05 billion in $USDT (68%) on @bitfinex,
more than $144 million (9%) on #Binance,
$132 million (8.5%) on #Huobi.
Heka traded on RenRenBit $90 million, 6%
#Kraken, where it received $60.4 million (4%).
Heka utilized: $1.05 billion in $USDT (68%) on @bitfinex,
more than $144 million (9%) on #Binance,
$132 million (8.5%) on #Huobi.
Heka traded on RenRenBit $90 million, 6%
#Kraken, where it received $60.4 million (4%).
over $70 million (4.5%) in USDT
was sent to non-exchange addresses under Heka’s control.
Indeed, Heka moves hundreds of millions of dollars worth of #Tether and yet they have no website, no way to reach out to them, and no real internet presence whatsoever.
was sent to non-exchange addresses under Heka’s control.
Indeed, Heka moves hundreds of millions of dollars worth of #Tether and yet they have no website, no way to reach out to them, and no real internet presence whatsoever.
Last September, Chicago-bound trading giant Jump Trading made a widely publicized crypto push by investing in decentralized exchange Serum, on #Solana.
Serum and Jump had inked a deal for an undisclosed amount that would see the outfit provide the liquidity…,
Serum and Jump had inked a deal for an undisclosed amount that would see the outfit provide the liquidity…,
necessary to make Serum-powered platforms like Mango Markets usable.
Since then, #Tether has issued Jump:
$1.1 billion in $USDT on Solana this year,
equal to almost 99% of all #USDT that exists on that blockchain.
Since then, #Tether has issued Jump:
$1.1 billion in $USDT on Solana this year,
equal to almost 99% of all #USDT that exists on that blockchain.
Jump Crypto is considered the top liquidity provider to Mango Markets and #Solana overall.
Jump “officially” spun out its Crypto subsidiary this September.
At the time, press materials said Jump Crypto builds tooling and other software infrastructure for blockchains!
Jump “officially” spun out its Crypto subsidiary this September.
At the time, press materials said Jump Crypto builds tooling and other software infrastructure for blockchains!
While Jump’s crypto activities have bee undisclosed, reports indicate the unit has been particularly active on crypto exchanges #Bitfinex and #BitMEX.
This makes it likely that Jump makes up a considerable amount of the unidentified #tether ..,
This makes it likely that Jump makes up a considerable amount of the unidentified #tether ..,
Funds and companies received USDT transactions in lots between $10 million and $100 million at a time.
Many of the entities in this category are hedge funds and trading units, hedge funds and trading units, which generate profit by investing and trading cryptocurrencies.
Many of the entities in this category are hedge funds and trading units, hedge funds and trading units, which generate profit by investing and trading cryptocurrencies.
Multiple entities maintain over-the-counter trading desks and other arbitrage units to exploit price differences between exchanges
Three Arrows Capital is run by crypto Su Zhu and Kyle Davies. It has registered business addresses in both Singapore (where it maintains an office) and the British Virgin Islands.
As of 2020, the company had a large interest in the @Grayscale #Bitcoin Trust.
As of 2020, the company had a large interest in the @Grayscale #Bitcoin Trust.
The reason Three Arrows has two registered business addresses is likely due to the rule in Singapore that says it cannot control more than (S)$250 million ($183 million) in assets at any given time.
Tether sent Three Arrows at least $674 million in $USDT.
Tether sent Three Arrows at least $674 million in $USDT.
At least $502 million (74%) of that was in the past year.
Three Arrows has received at a minimum 7.3% of all $USDT in the ‘funds and companies’ bracket.
Three Arrows describes itself as a crypto hedge fund that provides “risk-adjusted returns,” it operates similarly to Heka.
Three Arrows has received at a minimum 7.3% of all $USDT in the ‘funds and companies’ bracket.
Three Arrows describes itself as a crypto hedge fund that provides “risk-adjusted returns,” it operates similarly to Heka.
The group mostly trades and invests in cryptocurrencies for profit, as opposed to the large-scale liquidity provision exacted by the likes of Alameda and Cumberland.
It also acts as a venture capitalist on occasion.
It also acts as a venture capitalist on occasion.
Most recently, Three Arrows backed Sam Altman’s Worldcoin, a controversial biometric data-farming gambit that pays individuals to scan their irises for a small amount of cryptocurrency.
Three Arrows receives $USDT from #Tether to an intermediary address before distributing it to trading platforms like @HuobiGlobal and @cz_binance Stablecoins aside, Three Arrows’ main address has mostly traded:
Ethereum and Ethereum-bound Bitcoin (WBTC),
Ethereum and Ethereum-bound Bitcoin (WBTC),
DeFi platform Yearn Finance’s native token (YFI),
Exchange tokens like FTX’s $FTT, @Uniswap (UNI), and @SushiSwap (SUSHI).
Three Arrows has also handled significant amounts of yield tokens Compound (COMP) and Aave (AAVE), as well as blockchain oracle token Chainlink (LINK).
Exchange tokens like FTX’s $FTT, @Uniswap (UNI), and @SushiSwap (SUSHI).
Three Arrows has also handled significant amounts of yield tokens Compound (COMP) and Aave (AAVE), as well as blockchain oracle token Chainlink (LINK).
Three Arrows — like the other entities in this analysis — has handled significantly more than $674 million $USDT in its history. The figures cited above only relate to the tokens it received directly from @Tether_to Treasuries.
Three Arrows has also sent #Tether Treasuries far more $USDT than the figures listed here (more on that later).
Blockchain data also indicates that Three Arrows switched to receiving $USDT directly to exchanges earlier this year — likely to #Binance .
Blockchain data also indicates that Three Arrows switched to receiving $USDT directly to exchanges earlier this year — likely to #Binance .
So, some portion of the “Binance Market Maker” volumes cited earlier almost certainly belongs to Three Arrows.
Bitquery shows that Three Arrows has collectively been sent billions in $USDT from exchanges #Binance , Bitfinex, and FTX, funds it acquires by trading digital assets.
Bitquery shows that Three Arrows has collectively been sent billions in $USDT from exchanges #Binance , Bitfinex, and FTX, funds it acquires by trading digital assets.
Delchain
Delchain is a peculiar piece of the @Tether_to puzzle. It’s owned and operated by #Tether ’s primary banking partner, Deltec Bank and Trust.
Paolo Ardoino, #Tether and Bitfinex’s CTO, briefly served as a director, and Janvier Chalopin, the son of
Delchain is a peculiar piece of the @Tether_to puzzle. It’s owned and operated by #Tether ’s primary banking partner, Deltec Bank and Trust.
Paolo Ardoino, #Tether and Bitfinex’s CTO, briefly served as a director, and Janvier Chalopin, the son of
Deltec Bank and Trust’s chief exec, is a director.
Delchain,still moved huge amount of Tether and partners with many influential cryptocurrency companies, including #Bitfinex, #Kraken, and #Tether itself.
#Tether sent Delchain at least $908 million in $USDT.
Delchain,still moved huge amount of Tether and partners with many influential cryptocurrency companies, including #Bitfinex, #Kraken, and #Tether itself.
#Tether sent Delchain at least $908 million in $USDT.
USDT was distributed steadily over time — 63% of it in the past year.
Delchain received about 10% of all $USDT from the ‘funds and companies’ bracket.
Delchain received about 10% of all $USDT from the ‘funds and companies’ bracket.
Overall, Delchain directed:
About $694 million (76%) of its $USDT to #Bitfinex,
$211 million (23%) to #Kraken,
and $3.2 million (less than 1%) to #Binance .
About $694 million (76%) of its $USDT to #Bitfinex,
$211 million (23%) to #Kraken,
and $3.2 million (less than 1%) to #Binance .
#UK-based market maker Blockchain Access is another notable entity to have received large amounts of $USDT directly from #Tether .
#BlockchainAccess manages crypto exchange Blockchain.com — headquartered in Luxembourg.
#BlockchainAccess manages crypto exchange Blockchain.com — headquartered in Luxembourg.
It received more than $881 million in $USDT, with $679 million (77%) issued in the past year.
Blockchain Access’ $USDT was tracked to crypto exchanges including Binance, #FTX, #Bitfinex, and #Nexo.
Blockchain Access’ $USDT was tracked to crypto exchanges including Binance, #FTX, #Bitfinex, and #Nexo.
It has also handled significant amounts of Basic Attention Token (BAT), DeFi token Aave, as well as Chainlink, OMG Network, and Origin Network.
Lastly, RenRenBit. The Singapore-headquartered company that serviced the China-based exchange of the same name
Lastly, RenRenBit. The Singapore-headquartered company that serviced the China-based exchange of the same name
was issued over $200 million in &USDT.
(NB: Bitfinex’s AML agent was once a Hong Kong firm “Renrenbee Ltd,” highlighting how close RenRenBit’s relationship was with Bitfinex).
(NB: Bitfinex’s AML agent was once a Hong Kong firm “Renrenbee Ltd,” highlighting how close RenRenBit’s relationship was with Bitfinex).
Shilong Wang is a curiosity. They appear, on the surface, to handle USDT for a raft of trading firms, including little-known managers Paretone Capital, Aoide Capital, Max Victory Wealth Management, and ZB Trade — registered to tax havens around the world.
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