Financial Times: Tether executives sell company assets to self-controlled enterprises

According to the Financial Times, Tether-backed German AI data center operator Northern Data sold its Bitcoin mining business Peak Mining for up to $200 million in November. Regulatory documents show that the buyers include several companies such as Highland Group Mining and Appalachian Energy, whose directors are Tether co-founder Devasini and CEO Ardoino, highlighting potential conflicts of interest.

The sale occurred just days before Tether-backed social media platform Rumble announced its acquisition of Northern Data for $767 million.

There are complex financial ties among the three parties: Northern Data has a €610 million loan from Tether, and Tether has also signed a $100 million advertising agreement and a $150 million GPU service procurement plan with Rumble. Northern Data was searched by European prosecutors in September this year over allegations of more than €100 million in VAT fraud.