Tether.bet is under fresh scrutiny after an investigation found that the now-defunct operator obtained its Curaçao licence via fake documents.
The high stakes gambling platform, which shut down in August, has become the subject of Democracy for Sale research around its apparent owner.
Hon Kong Yong, a Malaysia-based accountant, submitted a 2020 sale document for a £3.75m Kensington property as proof of wealth, as well as net worth of £8m despite only being paid £40,000 annually.
This information was revealed after Lilith Wittman hacked into the Curaçao Gaming Authority’s (CGA) systems last month, revealing thousands of documents detailing ownership and business plans of Curaçao-licensed online gambling firms.
Democracy for Sale passed this information onto national UK media outlet The Times, who dug further into the matter by contacting the supposed sellers of this property – a retired French couple who confirmed that they had never met, or even heard of Yong.
The owner was also reportedly declared bankrupt in 2016 and has ties to George Cottrell, a well-known close ally of Nigel Farage and, as has been claimed by his lawyers, a permissible donor of the Farage-led Reform UK party.
Yong is listed as the owner of Montenegro-based private members club, Salon Privé – where Cottrell is said to regularly visit. Tether.bet was also headquartered in Montenegro.
Could latest developments trigger Tether.bet investigation?
The exposé once again raises questions around the credibility of grey market operators which have obtained a Curaçao licence, but further negative publications on Tether.bet may well be music to the ears of Labour Party Chair, Bridget Phillipson.
Phillipson had been pushing for a Gambling Commission-led investigation into the betting firm shortly after it shut down in August. The platform domain had then been redirecting users to another “partner platform” in NNVIP88, but is now inaccessible – for UK residents, at least.
The closure came amid allegations that Cottrell had acted as an intermediary, or “whale”, to connect high-stakes VIP UK punters with the platform.
However, he has continually denied his involvement with the platform.
Lawyers for Cottrell said: “Mr Cottrell has no interest in Tether.bet.
“Our client has never been a shareholder of any company that owns Tether.bet, whether directly or indirectly, nor for that matter has he been a director, employee or consultant of Tether.bet, held any management or bank account control of Tether.bet, solicited any clients for Tether.bet (in any jurisdiction), or had any involvement in the running of its operations.
“His relationship with Tether.bet has been limited to that of a customer, in addition to which he knows and is friends with its owner.”
