Covering Tether Heritage & Significant Events.

Covering Tether Heritage & Significant Events.

2022-01-02 | Daniel Smith

Covering Tether Heritage & Significant Events.

Tether, the globe's biggest stablecoin, has a lengthy and extensive crypto industry history. Its CEOs have unique individual backstories as well.

The following are some significant events in the Tether's heritage, which covers more than a decade.

December 6, 1996: Giancarlo Devasini, future Bitfinex Chief Financial Officer, gets detected selling forged Microsoft software licenses on December 6, 1996.

April 29, 2014: On April 29, 2014, Brock Pierce-backed Sunlot Partners suggests purchasing one Bitcoin (worth $500 at the time) for Mt. Gox in the midst of insolvency procedures.

July 8, 2014: Brock Pierce, Reeve Collins, and Craig Sellars develop Realcoin in California on July 8, 2014, which is eventually renamed as Tether.

September 15, 2014: Bitfinex introduces mining transactions on September 15, 2014.

October 6, 2014: The inaugural 100 USDT are coined on the Omni blockchain on October 6, 2014, in the globe's maiden Initial Coin Offering (ICO).

November 3, 2014: Bitfinex says on November 3, 2014, that it is revamping its infrastructure to accommodate AlphaPoint, a service source for white label crypto exchanges.

January 15, 2015: Bitfinex now accepts USDT deposits and disbursements as of January 15, 2015.

May 2015: Raphael Nicolle, the co-founder of Bitfinex, departs as CTO in May 2015.

May 5, 2015: Bitfinex rejects all withdrawal attempts which have been "waiting for email authentication" for more than an hour on May 5, 2015.

May 27, 2015: Following a hot wallet attack, Bitfinex claims it is collaborating with cybersecurity experts to assure the safety of new hot wallets.

August 5, 2015: Bitfinex introduces a new commission system on August 5, 2015.

January 27, 2018: Tether terminates its engagement with auditors Friedman LLP on January 27, 2018.

February 18, 2018: BitMEX releases a study analysis on Tether on February 18, 2018, highlighting its dearth of openness and seeming significant foothold in Puerto Rico.

March 14, 2018: Bitfinex approves Bitcoin's SegWit proposition on March 14, 2018.

March 14, 2018: Bitfinex announces the "Honey Framework" for traders who use automatic trade techniques on March 14, 2018.

March 19, 2018: BitMEX provides a follow-up study revealing that Brock Pierce's Noble Bank in Puerto Rico may be the major reserve bank for Tether.

May 7, 2018: Peter Warrack joins Bitfinex as Chief Compliance Officer on May 7, 2018.

December 21, 2018: Bitfinex introduces USDT/USD as a fiat-denominated trade combination on December 21, 2018.

January 6, 2020: Bitfinex accepts credit and debit cards as payment options from January 6, 2020.

January 24, 2020: Tether Gold, a gold-based stablecoin, is launched on January 24, 2020. (XAUT).

March 24, 2020: Chairman Heath P. Tarbert endorses the CFTC's interpretative advice on digital asset delivery, which pertains to Tether.

June 10, 2020: Bitfinex launches Autonomous Token Sales on June 10, 2020.

September 2020: Offenses presented in a federal court in Virginia allege cartel efforts to pay authorities using USDT, as well as financial fraud, alleged identity fraud, and drug trafficking-related allegations.

Aug 12, 2021: Protos indicates that more than two-thirds of all USDT created came to only two crypto businesses: Sam Bankman-Alameda Fried's Research and DRW's Cumberland Global.

August 18, 2021: Protos discloses that Tether individually handed at least 200 million USDT to Justin Sun on August 18, 2021.

October 15, 2021: Tether and Bitfinex are fined $42.5 million by the CFTC on October 15, 2021. Tether has been penalized $41 million for falsely claiming that USDT is completely supported by US dollars. Bitfinex has been penalized $1.5 million for unlawful transactions on its exchange and for failing to comply with a prior CFTC ruling imposed on June 2, 2016.

November 2021: The United States President's Working Group on Financial Markets issues a study on stablecoins, citing worry regarding "bank runs" that might devalue stablecoins such as Tether.

December 8, 2021: Senator Brad Sherman chastises Tether management for failing to join a Senate session on cryptocurrency on December 8, 2021.

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