Tether-backed Northern Data sold mining firm to Tether execs: FT
Tether-majority-owned Northern Data sold its Bitcoin mining arm, Peak Mining, to companies run by Tether executives.Summary
Northern Data, which is majority-owned by Tether, reportedly sold its Bitcoin mining division, Peak Mining, to three companies controlled by Tether executives, including co-founder Giancarlo Devasini and CEO Paolo Ardoino, for up to $200 million. The sale was announced after Northern Data faced an investigation by European prosecutors for suspected tax fraud. This was the second attempt to sell Peak Mining, following a previous deal that collapsed amid whistleblower allegations. The divestment occurred just before video-sharing platform Rumble, in which Tether holds a significant stake, agreed to acquire Northern Data. Tether's financial ties to Northern Data are extensive, including a €610 million loan, half of which will be settled in Rumble stock as part of the acquisition, with the remainder becoming a new loan to Rumble secured against Northern Data assets.
(Source：Cointelegraph)