Tether Responds to Bloomberg Report, Calling New Story ‘Age-Old News’


- Find Out More -

Stablecoin issuer Tether has released a statement in response to reports that a new team is taking over a Justice Department probe of its top executives.

In a recent report, Bloomberg said that federal prosecutors in Washington warned Tether’s top executives last year that they could be facing criminal charges for allegedly deceiving banks in relation to USDT, the world’s largest stablecoin.

“Prosecutors examined whether Tether officials had opened any bank accounts under false pretenses, such as by obscuring that the cash was connected to crypto. The government was considering a so-called right-to-control theory, accusing executives of fraud if they made misrepresentations.”

The article says the investigation has not yet concluded, but the office of US Attorney Damian Williams in Manhattan, known for aggressively pursuing suspected cryptocurrency crimes, is now in charge of the probe.

Tether denies the claims in the story, saying that it has been working with law enforcement around the world and authorities are not investigating its executives.

“Tether executives have had no interactions with the DOJ in connection with any investigation for well over a year and the DOJ does not appear to be actively investigating Tether.”

The stablecoin issuer says that Bloomberg’s report is inaccurate, and a sensationalist form of journalism.

“Bloomberg has proven themselves time and time again to be desperate for attention in an industry that they just do not understand. This most recent attempt to tarnish the reputation of Tether, one of the industry’s most significant contributors is yet another example of this behavior. This is Bloomberg recycling old news that isn’t even factual.”

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/svekloid

Credit: Source link

- Find Out More -

Leave A Reply

Your email address will not be published.