According to PANews, former executives of Northern Data, a German-listed cryptocurrency and AI infrastructure company supported by Tether, have accused the company of fraudulent activities. Joshua Porter and Gulsen Kama, the former executives, claim they were dismissed for exposing alleged fraudulent activities by the company's CEO and COO.
In a lawsuit filed in the Central District Court of California, Porter and Kama allege that Northern Data misrepresented its financial status and is suspected of evading tens of millions of dollars in taxes. Despite recent attention due to its plans for an IPO in the United States, the company has yet to respond to these allegations.
Northern Data, which was listed in 2018 as a pure cryptocurrency miner, later changed its name to Northern Data and expanded into high-performance computing data centers through acquisitions. Stablecoin issuer Tether holds 51% of its shares. Porter and Kama's allegations cover tax issues and financial fraud, and they claim they were retaliated against for exposing these issues.