Stablecoin

Read

<div class="cryptonews">
 <p class="is-style-lead">The firm behind the USDT stablecoin says its current boss Jean-Louis van der Velde will transition to an advisory role for Tether.</p>
 <p>The <a rel="noopener noreferrer nofollow" title="issuer" href="https://thebittimes.com/tag/issuer.html">issuer</a> of the largest stablecoin by market capitalization USDT, Tether Limited, has appointed Paolo Ardoino as the firm’s new head. In a blog announcement on Friday, Oct. 13, the Virgin Islands-based firm said Ardoino will take the new position in December 2023, succeeding Jean-Louis van der Velde, who will “transition to an advisory role for Tether while retaining his position as CEO for Bitfinex.”</p>
 <p>In this role, Ardoino will lead Tether into a “tech-centric organization as the firm wants to expand the influence of its products on the global scale.” The announcement also says Ardoino will continue in his roles as CTO for Bitfinex and CSO for Holepunch.</p>
 <blockquote class="wp-block-quote">
  <p>“We remain committed to transparency, security, and to being an unstoppable force in the seamless integration of digital assets into the global financial ecosystem and beyond.”</p>
  <p>Paolo Ardoino</p>
 </blockquote>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span>
 </div>
 <p>Although Tether says the transition has been “meticulously planned,” the move comes shortly after reports said that iFinex Inc., the Hong Kong-based parent company of Bitfinex and Tether, offered a $150 million buyback to those who bought Bitfinex’s shares as part of a 2016 swap arrangement.</p>
 <p>As crypto.news reported, Bitfinex was hacked on Aug. 2, 2016, with the hackers exploiting a&nbsp;security breach&nbsp;and stealing a total of 119,756&nbsp;BTC&nbsp;(currently worth $3.2 billion). It was one of the biggest exploits in the history of BTC hacks. It also resulted in the price of the benchmark cryptocurrency plummeting by as much as 20%, moving from $600 to $400.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span>
 </div> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/stablecoin-issuer-tether-appoints-paolo-ardoino-as-new-ceo-tbt66266.html">https://thebittimes.com/stablecoin-issuer-tether-appoints-paolo-ardoino-as-new-ceo-tbt66266.html</a></p>

Stablecoin issuer Tether appoints Paolo Ardoino as new CEO

TheBitTimes

Other articles published on Oct 13, 2023

G7 finally agrees to help Ukraine, but there’s a catch

French regulator publishes guide on defi regulatory framework

Hong Kong’s crypto index creator ditches USDC to onboard XRP

3 cryptocurrencies to avoid buying before Halloween 2023

Oracle Stock: Will ORCL Stock Break Below the 200-Day EMA?

Cryptocurrency: Hamas’s New Weapon in Funding Terrorism

Join our free newsletter for daily crypto updates!