Abraxas Capital: The Mysterious Firm Behind $1.5B USDT Arbitrage

Abraxas Capital is a mysterious financial firm that operates in the shadows of the crypto world.

The company, founded by Fabio Frontini and Luca Celati, has its roots in traditional finance, where they worked at Dresdner Kleinwort Wasserstein before shifting their focus to digital assets in 2017.

Abraxas' first product, the Elysium Global Arbitrage Fund, was launched in 2018 and quickly gained traction, with over $1.5 billion USDT attributed to its address path by 2023.

The firm's relationship with Tether is particularly noteworthy, with Abraxas holding around three-quarters of Elysium's assets and serving as a conduit for Tether funds entering exchanges, lending protocols, and arbitrage markets.