Examining Cumberland, Tether's biggest client left standing
Following the collapse of Sam Bankman-Fried’s trading empire, Cumberland has emerged as arguably the most important trading firm in cryptocurrency. Protos analysis showed in 2021 that Bankman-Fried’s Alameda Research and Cumberland had received the majority of all tether (USDT) ever made. Since then, Alameda has gone bust and its largest shareholder, Bankman-Fried, has been convicted of multiple felonies. When we published the Tether Papers in late 2021, Alameda was responsible for at least $36.7 billion in USDT issuance; Cumberland for $23.7 billion at minimum. SCOOP: Tether minted most USDT to just 2 firms — Alameda and Cumberland Read more: Tether gives FBI peek behind the curtain What’s Cumberland? Cumberland is a subsidiary of Chicago-based DRW, named after its founder Donald R. Wilson. DRW is an important commodities trading firm that has previously jousted with the Commodity Futures Trading Commission (CFTC). The CFTC filed a lawsuit in November 2018 ...