Earlier this month, Tether Holdings Limited reported a 2022 Q4 profit of $700 million and excess reserves of $960 million. The report couldn’t be independently verified but if true, these figures would be remarkable given the pain currently being felt across much of the rest of the crypto industry. 

When we examine headlines from a year ago, it’s clear that most of crypto’s big players had it tough. Those who have survived and prospered are particularly interesting. Although it’s not possible to verify many of the claims coming directly from Tether, public information suggests that one of its little-known cousins, Heka Funds, has been consistently making money without pause.

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