Thousands of trade finance transactions on Triterras’ blockchain-based Kratos platform can be viewed publicly, without any specialist knowledge or equipment, GTR can reveal. Shares in the Singapore-based fintech plummeted in January after US short sellers claimed nearly two-thirds of Kratos transactions between June 2019 and August 2020 were carried out by companies controlled by or linked to Triterras directors. The short seller report, published by newly formed hedge fund Phase 2 Partners, said it analysed records of Triterras transactions that are stored on the Ethereum blockchain, and produced data on who is using the platform, what cargo is being traded and the value of those sales. Based on that research, it claimed that the number of active participants on the Kratos platform was far lower than the 66 reported by Triterras – estimating a total of 39 once subsidiaries are eliminated. It also said that 64% of transactions directly involved Rhodium Resources or Longview Resources. Rhodium’s founder and CEO is Srinivas Koneru, also founder and chief executive of Triterras, while Longview is headed by Rick Maurer, whose special-purpose acquisition company Netfin acquired Triterras last year. Reassuring investors about those claims, Koneru said he believed they were the result of “coordinated… continue reading
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Source: CTRM Center