Pending Review
The NYAG's investigation and the 2020 appellate decision in Matter of James v. iFinex Inc. formally established that 'nonparty DigFinex Inc. is the majority owner of iFinex and Tether Holdings' and that 'a small group of executives and employees, some of whom are or have been located in New York, operates all respondents'—identifying the controlling entity but not disclosing individual ownership percentages.
Date: 2020-07-09
Added: 03 May 2026
Pending Review
The WSJ accessed a cache of documents from the 2021 NYAG and CFTC investigations revealing that as of 2018, four men controlled 86% of Tether Holdings Limited: Giancarlo Devasini (~43%, later estimated at 47% by Forbes), Jean-Louis van der Velde (~15%), Stuart Hoegner (~15%), and Christopher Harborne/Chakrit Sakunkrit (~13%)—information obtained through subpoena power, not voluntary disclosure.
Date: 2023-02-02
Added: 03 May 2026
Pending Review
The Paradise Papers (2017) revealed that Bitfinex executives Giancarlo Devasini and Philip Potter were beneficial owners of Tether, contradicting the companies' previous insistence that their operations were separate—but iFinex had already disclosed this shared ownership in an April 2017 U.S. federal court filing in an unrelated case against Wells Fargo, a disclosure that went entirely unnoticed until the ICIJ investigation.
Date: 2017-04-05
Added: 03 May 2026
Pending Review
As of April 1, 2026, the BVI's legitimate interest access regime allows journalists, academics, and civil society groups to request beneficial ownership information for BVI companies including iFinex, but only for holders of ≥25% interests, with a $75 fee per company, a requirement to demonstrate AML/CTF purpose, and a five-business-day company objection window—and beneficial owners can file advance exemptions from disclosure on grounds including risk of kidnapping, violence, or intimidation.
Date: 2026-04-01
Added: 03 May 2026
Pending Review
The 2024 BVI Business Companies (Amendment) Act requires every BVI company to file its register of members with the BVI Registrar of Corporate Affairs within 30 days of incorporation, but the register 'will not be publicly available unless the company elects to do so' and the beneficial ownership register 'is not publicly accessible'—creating a dual-filing system where both shareholder lists and beneficial ownership data are held by the government but withheld from public view.
Date: 2025-01-02
Added: 03 May 2026
Pending Review
The British Virgin Islands' April 2026 transparency framework has not yet compelled the public disclosure of iFinex's consolidated group-level revenue or net profit.
Date: 2026
Added: 03 May 2026
Pending Review
As of May 2026, iFinex Inc. has not voluntarily released a consolidated audit or group-level financial statement to any public market or third-party ratings agency.
Date: 2026
Added: 03 May 2026
Pending Review
iFinex Inc. is currently marked as 'Active' in the BVI Financial Services Commission system but remains a non-filer of financial statements in any public U.S. or BVI database as of early 2026.
Date: 2026
Added: 03 May 2026
Pending Review
U.S. court records from the 2021 NYAG settlement identify DigFinex Inc. as the majority owner of both iFinex Inc. and Tether Holdings Limited, establishing a common ownership nexus above the operating subsidiaries.
Date: 2021-02-23
Added: 03 May 2026
Pending Review
As of April 1, 2026, the British Virgin Islands allows third parties with a 'legitimate interest' to apply for access to beneficial ownership registries, ending the era of absolute registry secrecy for BVI entities like iFinex.
Date: 2026-04-01
Added: 03 May 2026
Pending Review
Evidence gap: The corporate registry filings for iFinex Inc. (British Virgin Islands) and the chain of beneficial ownership above the named directors are not accessible through any U.S. public-records system.
Added: 03 May 2026
Pending Review
The 2021 New York Attorney General settlement specifically named iFinex Inc., Tether Holdings Limited, and Bitfinex affiliates as the responding parties, formalising the legal identification of the iFinex group as the corporate parent.
Date: 2021-02-23
Added: 03 May 2026
Pending Review
iFinex's Bitfinex subsidiary was the venue from which Tether's USDT was first issued in 2014, and the two firms have shared overlapping ownership and senior management throughout the period.
Added: 03 May 2026
Pending Review
iFinex consolidated control of the Tether issuer means a single private corporate group controls the issuance of the largest dollar-pegged stablecoin in the world.
Added: 03 May 2026
Pending Review
A significant portion of Tether’s commercial paper and secured loan holdings have historically been linked to entities with overlapping ownership with iFinex, though specific counterparties remain redacted in public attestations.
Added: 03 May 2026
Pending Review
Tether's quarterly 'Consolidated Reserves Reports' (CRR) do not include a 'Statement of Cash Flows,' a standard accounting component that would explicitly detail intercompany lending activities.
Date: 2024
Added: 03 May 2026
Pending Review
The 2021 CFTC consent order against Tether and Bitfinex established a documented period during which iFinex-controlled Tether's USDT reserves were not fully backed by U.S. dollars as marketed.
Date: 2021-10-15
Added: 03 May 2026
Pending Review
Evidence gap: The ultimate beneficial owners of iFinex have never been disclosed in any public regulatory filing in any jurisdiction.
Added: 03 May 2026
Pending Review
Evidence gap: Capital flows between iFinex's Tether and Bitfinex subsidiaries — including the 2018-2019 line of credit at the centre of the NYAG settlement — have only been partially documented in litigation, not in routine financial disclosure.
Added: 03 May 2026
Pending Review
iFinex Inc. is the common parent of Tether Limited and the Bitfinex exchange, registered in Hong Kong with operations historically routed through the British Virgin Islands.
Added: 03 May 2026
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