Northern Data, which is majority-owned by Tether, sold its Bitcoin mining arm to businesses owned by Tether executives, the Financial Times reports.
The Tether-backed data centre operator Northern Data reportedly sold its Bitcoin mining business, Peak Mining, to three companies run by Tether executives.
Northern Data was sold for up to $200 million to Highland Group Mining, Appalachian Energy, and an Alberta-based company, run by Giancarlo Devasini, Tether co-founder and chair, and its CEO, Paolo Ardoino, the Financial Times reported on Friday.
Filings reportedly show that Highland Group’s directors are Devasini and Ardoino, and the sole director of the Alberta company is Devasini, while it remains unclear who runs Delaware-based Appalachian Energy.
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