從整形外科醫生到加密大亨：Giancarlo Devasini的崛起（USDT）

由於他對加密貨幣的濃厚興趣，作者Zeke Faux進行了深入研究和對Tether（USDT）的調查

In the rapidly evolving landscape of cryptocurrencies, Tether, the issuer of the largest stablecoin USDT, has frequently come under scrutiny for its opaque capital flow, frequent issuance, hacking incidents and mysterious capital operations, especially in Southeast Asia, where it has become a tool for illegal fund transfers.

在加密貨幣的快速發展的景觀中，最大的Stablecoin USDT的發行人Tether經常因其不透明的資本流動，頻繁的發行，黑客發行和神秘的資本運營而受到審查，尤其是在東南亞，它已成為非國際基金的工具。

However, Tether is still promoting projects such as the Bitcoin Bond Program to continuously expand its business territory.

但是，繫繩仍在促進諸如比特幣債券計劃之類的項目，以不斷擴大其業務領域。

This article will uncover the intricate financial operations and regulatory dilemmas behind the stablecoin Tether (USDT) in January 2021, when COVID-19 swept the world and the crypto market was booming.

本文將於2021年1月在Covid-19席捲全球，而加密貨幣市場蓬勃發展時，將揭開Stablecoin Tether（USDT）背後的複雜財務運營和監管困境。

It will also focus on senior management and capital flows, especially the background and operating methods of one of its actual controllers, Giancarlo Devasini, presenting a little-known financial experiment.

它還將著重於高級管理和資本流程，尤其是其實際控制者之一Giancarlo Devasini的背景和操作方法，並提出了鮮為人知的財務實驗。

The project was originally conceived by Brock Pierce and named "Real Coin". Later, it joined hands with the offshore exchange Bitfinex to launch Tether in 2013, focusing on the stablecoin model of 1:1 US dollar reserves.

該項目最初是由布羅克·皮爾斯（Brock Pierce）構想的，並將其命名為“ Real Coin”。後來，它與海上交易所Bitfinex合作，於2013年推出Tether，重點是1：1美元儲備的Stablecoin型號。

Since its inception, Tether has been questioned for its operating model: in the absence of perfect global supervision, its capital flow and asset reserve issues have always been secretive and complicated.

自成立以來，系特特因其運營模式而受到質疑：在沒有完美的全球監督下，其資本流量和資產儲備問題一直是秘密而復雜的。

Tether not only provides key liquidity support for exchanges, but also plays the role of "the last straw" when the market is extremely volatile, but the bank relationship and fund management behind it are full of questions.

Tether不僅為交易所提供關鍵的流動性支持，而且在市場非常動盪時扮演“最後一根稻草”的角色，而且背後的銀行關係和基金管理充滿了問題。

Giancarlo Devasini: From plastic surgeon to crypto tycoon

Giancarlo Devasini：從整形外科醫生到加密大亨

The core figure of Tether is Giancarlo Devasini, who was born in Turin, Italy in 1964. He is richer than Piero Ferrari.

繫繩的核心人物是Giancarlo Devasini，他於1964年出生於意大利都靈。他比Piero Ferrari富有。

Devasini's personal experience has seen ups and downs.

Devasini的個人經歷已經起伏不已。

After graduating from the University of Pavia's Faculty of Medicine and Surgery in 1988, he practiced plastic surgery in Italy for several years.

在1988年從帕維亞大學醫學與外科學院畢業後，他在意大利從事整形手術多年。

Later, he switched to the field of electronic product import and software resale, and even involved in pirated software transactions.

後來，他改用了電子產品進口和軟件轉售的領域，甚至參與了盜版軟件交易。

It is reported that he quickly rose in the business world with his adventurous spirit and unconventional business methods, with a net worth of about US$9.2 billion, and his wealth once surpassed the top executives of well-known luxury car companies.

據報導，他以自己的冒險精神和非常規的商業方式迅速在商業世界中升起，淨資產約為92億美元，他的財富曾經超過了著名的豪華汽車公司的高管。

After reading the Bitcoin white paper, Devasini saw the huge potential of the crypto world, and subsequently invested in Bitfinex and gradually got involved in Tether’s business.

閱讀了比特幣白皮書後，Devasini看到了加密貨幣世界的巨大潛力，隨後投資了Bitfinex，並逐漸參與了Tether的業務。

Eventually, through acquisitions and strategic layout, he controlled about 40% of Tether’s equity. His background and operating methods laid the groundwork for Tether’s business model and risk control.

最終，通過收購和戰略佈局，他控制了Tether股權的約40％。他的背景和操作方法為系車的業務模型和風險控制奠定了基礎。

In 2016, Bitfinex suffered the largest hacker attack in history, with about 119,800 bitcoins stolen, causing huge asset losses.

2016年，Bitfinex遭受了歷史上最大的黑客襲擊，大約有119,800個比特幣被盜，造成了巨大的資產損失。

Faced with the crisis, Bitfinex took a 36% unified account deduction measure and issued debt tokens BFX to compensate users for losses.

面對危機，Bitfinex採取了36％的統一帳戶扣除措施，並發布了債務代幣BFX，以補償用戶損失。

The investigation pointed out that in this incident, the complex flow of funds between Tether and Bitfinex has raised greater doubts about the true reserve capacity of USDT.

調查指出，在這一事件中，繩索和比特尼克斯之間的複雜資金流動引起了人們對USDT真正儲備能力的更加懷疑。

At the same time, Tether also faces severe challenges in fund management. In 2017, the company deposited funds in several banks in Taiwan and other regions, but due to concerns about the crypto business among intermediary banks, many banks successively terminated cooperation, resulting in the funds being forced to stay.

同時，繫繩還面臨基金管理方面的嚴重挑戰。 2017年，該公司將資金存入台灣和其他地區的幾家銀行，但由於對中介銀行中加密業務的擔憂，許多銀行連續終止合作，導致資金被迫留下。

Even when the bank account was frozen and the flow of funds was blocked, Tether still issued a large amount of USDT on the Bitcoin Omni Layer, which further questioned the authenticity of its 1:1 reserve.

即使將銀行帳戶凍結並封鎖了資金流，繫繩仍在比特幣Omni層上發出了大量USDT，這進一步質疑其1：1儲備金的真實性。

Court files and regulatory investigations show that Tether itself has admitted that it is unable to use the traditional banking system normally. The fund operation model behind it is more like a "wealth game", using arbitrarily issued USDT to conduct large-scale asset allocation in the market, thereby manipulating the Bitcoin price to a certain extent.

法院檔案和監管調查表明，Tether本身已承認它無法正常使用傳統的銀行系統。其背後的基金運營模型更像是一個“財富遊戲”，使用任意發行的USDT在市場上進行大規模資產分配，從而在一定程度上操縱比特幣價格。

In 2019, the New York Attorney General found a large number of complementary fund operations between Bitfinex and Tether when investigating the fund transactions between the two. Bitfinex once quietly misappropriated Tether’s reserves due to a gap in customer withdrawals, and Tether’s official website immediately deleted the promise of "1:1 USD reserve support".

2019年，紐約總檢察長在研究兩者之間的基金交易時發現了比特菲尼克斯和繫繩之間的大量補充基金業務。 Bitfinex曾經由於撤離差距而悄悄地盜用了Tether的儲備，而Tether的官方網站立即刪除了“ 1：1 USD儲備支持”的承諾。

Since then, Tether has reached settlements and fines with New York State and the U.S. Commodity Futures Trading Commission, paying $18.5 million and $42.5 million respectively, highlighting that its operating model has always been on the edge of regulation.

從那時起，Tether與紐約州和美國商品期貨交易委員會達成了定居點和罰款，分別支付了1850萬美元和4250萬美元，這強調了其運營模式一直處於監管的邊緣。

In addition, reports show that Tether keeps about a quarter of its funds (about $15 billion) in Delta Trust Bank, and it is said to hold up to $113 billion in U.S. Treasury bonds. This series of operations not only provides Tether with flexibility in fund allocation, but also

此外，報告顯示，Tether在Delta Trust Bank的資金中約有四分之一的資金（約150億美元），據說它可以持有高達1,130億美元的美國財政債券。這一系列的操作不僅為基金分配提供了靈活性，而且還具有