Tether.bet owner used fake documents to secure Curaçao licence
An investigation into a leaked Curaçao Gaming Authority database has found the operator behind collapsed platform Tether.bet submitted falsified proof of wealth to win its licence.
Tether.bet, the high-stakes gambling platform that shut down in August, obtained its Curaçao licence using falsified ownership documents, according to research published by Democracy for Sale.
The group's findings centre on Hon Kong Yong, a Malaysia-based accountant named as the platform's apparent owner. Yong submitted a 2020 sale document for a £3.75m Kensington property as evidence of personal wealth and claimed a net worth of £8m, despite reporting an annual salary of only £40,000, the research found.
The material surfaced after security researcher Lilith Wittman hacked into the systems of the Curaçao Gaming Authority last month, extracting thousands of documents setting out the ownership structures and business plans of operators licensed in the territory.
Democracy for Sale passed its findings to The Times, which investigated the Kensington property claim further by contacting the people named as its sellers. SBC News reports that a retired French couple identified in the paperwork told the newspaper they had never met, or even heard of, Hon Kong Yong.
The Times also reported that Yong was declared bankrupt in 2016 and has links to George Cottrell, a close ally of Nigel Farage who his lawyers have said is a permissible donor to the Farage-led Reform UK party. Yong is listed as the owner of Salon Privé, a private members club in Montenegro that Cottrell is said to visit regularly. Tether.bet itself was headquartered in Montenegro.
The disclosures add to pressure already building around the defunct operator. Labour Party Chair Bridget Phillipson had called for a Gambling Commission-led investigation into Tether.bet shortly after it ceased trading in August, amid allegations that Cottrell had acted as an intermediary, or "whale", connecting high-stakes UK bettors to the platform.
Following its closure, Tether.bet's domain briefly redirected users to what it described as a partner platform, NNVIP88, before becoming inaccessible to UK residents altogether.
Cottrell has repeatedly rejected any operational involvement with Tether.bet. His lawyers said: "Mr Cottrell has no interest in Tether.bet."
They added: "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."
The lawyers said Cottrell's relationship with the platform had been limited to that of a customer, adding that he knows and is friends with its owner.
The latest findings are likely to sharpen scrutiny of how Curaçao-licensed grey market operators verify ownership and wealth claims, and may strengthen calls for the Gambling Commission to open its own inquiry into Tether.bet's UK-facing activity.