从整形外科医生到加密大亨：Giancarlo Devasini的崛起（USDT）

由于他对加密货币的浓厚兴趣，作者Zeke Faux进行了深入研究和对Tether（USDT）的调查

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.

在加密货币的快速发展的景观中，最大的Stablecoin USDT的发行人Tether经常因其不透明的资本流动，频繁的发行，黑客发行和神秘的资本运营而受到审查，尤其是在东南亚，它已成为非国际基金的工具。

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

但是，系绳仍在促进诸如比特币债券计划之类的项目，以不断扩大其业务领域。

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.

本文将于2021年1月在Covid-19席卷全球，而加密货币市场蓬勃发展时，将揭开Stablecoin Tether（USDT）背后的复杂财务运营和监管困境。

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.

它还将着重于高级管理和资本流程，尤其是其实际控制者之一Giancarlo Devasini的背景和操作方法，并提出了鲜为人知的财务实验。

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.

该项目最初是由布罗克·皮尔斯（Brock Pierce）构想的，并将其命名为“ Real Coin”。后来，它与海上交易所Bitfinex合作，于2013年推出Tether，重点是1：1美元储备的Stablecoin型号。

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.

自成立以来，系特特因其运营模式而受到质疑：在没有完美的全球监督下，其资本流量和资产储备问题一直是秘密而复杂的。

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不仅为交易所提供关键的流动性支持，而且在市场非常动荡时扮演“最后一根稻草”的角色，而且背后的银行关系和基金管理充满了问题。

Giancarlo Devasini: From plastic surgeon to crypto tycoon

Giancarlo Devasini：从整形外科医生到加密大亨

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

系绳的核心人物是Giancarlo Devasini，他于1964年出生于意大利都灵。他比Piero Ferrari富有。

Devasini's personal experience has seen ups and downs.

Devasini的个人经历已经起伏不已。

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年从帕维亚大学医学与外科学院毕业后，他在意大利从事整形手术多年。

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

后来，他改用了电子产品进口和软件转售的领域，甚至参与了盗版软件交易。

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.

据报道，他以自己的冒险精神和非常规的商业方式迅速在商业世界中升起，净资产约为92亿美元，他的财富曾经超过了著名的豪华汽车公司的高管。

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.

阅读了比特币白皮书后，Devasini看到了加密货币世界的巨大潜力，随后投资了Bitfinex，并逐渐参与了Tether的业务。

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.

最终，通过收购和战略布局，他控制了Tether股权的约40％。他的背景和操作方法为系车的业务模型和风险控制奠定了基础。

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

2016年，Bitfinex遭受了历史上最大的黑客袭击，大约有119,800个比特币被盗，造成了巨大的资产损失。

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

面对危机，Bitfinex采取了36％的统一帐户扣除措施，并发布了债务代币BFX，以补偿用户损失。

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.

调查指出，在这一事件中，绳索和比特尼克斯之间的复杂资金流动引起了人们对USDT真正储备能力的更加怀疑。

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.

同时，系绳还面临基金管理方面的严重挑战。 2017年，该公司将资金存入台湾和其他地区的几家银行，但由于对中介银行中加密业务的担忧，许多银行连续终止合作，导致资金被迫留下。

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.

即使将银行帐户冻结并封锁了资金流，系绳仍在比特币Omni层上发出了大量USDT，这进一步质疑其1：1储备金的真实性。

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.

法院档案和监管调查表明，Tether本身已承认它无法正常使用传统的银行系统。其背后的基金运营模型更像是一个“财富游戏”，使用任意发行的USDT在市场上进行大规模资产分配，从而在一定程度上操纵比特币价格。

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，纽约总检察长在研究两者之间的基金交易时发现了比特菲尼克斯和系绳之间的大量补充基金业务。 Bitfinex曾经由于撤离差距而悄悄地盗用了Tether的储备，而Tether的官方网站立即删除了“ 1：1 USD储备支持”的承诺。

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.

从那时起，Tether与纽约州和美国商品期货交易委员会达成了定居点和罚款，分别支付了1850万美元和4250万美元，这强调了其运营模式一直处于监管的边缘。

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，报告显示，Tether在Delta Trust Bank的资金中约有四分之一的资金（约150亿美元），据说它可以持有高达1,130亿美元的美国财政债券。这一系列的操作不仅为基金分配提供了灵活性，而且还具有