Tether Being Investigated For Bank Fraud By US Justice Department

A years-long criminal probe into Tether is allegedly underway, with charges expected to be potentially levied against executives of the firm behind the stablecoin. As reported by Bloomberg this morning, the investigation is reportedly looking to determine whether or not certain executives committed bank fraud, with the investigation being led by the US Department of Justice.

The investigation notably is not focused on the transactions of today, but rather events that occurred several years ago. Effectively, the investigation surrounds whether the firm committed bank fraud by concealing that transactions related to the firm were being conducted for the purpose of cryptocurrencies.

Letters have reportedly been sent to a number of individuals related to the case in recent months, effectively informing them that they are targets in the investigation.

The investigation follows a settlement entered into by Tether and the New York Attorney General back in February, where it was alleged that the company lied about its currency being backed by US dollars on a one to one basis. At the time, the firm had no access to banking, and as a result, could not be backed on such a basis.


Information for this briefing was found via Bloomberg. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

One Response

Video Articles

Silver @ $36 & We’re Still 200M Oz Short | Paul Andre Huet – Americas Gold and Silver

Gold’s Wild Bull Run: Are Markets About to Break? | Mike McGlone

First Majestic Silver: The Santa Elena Mine

Recommended

Goliath Resources Closes Out Funding Round With Total Gross Proceeds Of $27.1 Million

Silver47 Kickstarts 4,000 Metre Drill Campaign At Red Mountain Project

Related News

Smugglers Use Tether to Evade Russian Sanctions — Report

Tether has emerged as a major facilitator for Russian entities looking to work around Western...

Wednesday, April 3, 2024, 12:54:00 PM

US Department of Justice Announces New FBI Virtual Asset Exploitation Unit

This afternoon the U.S. Department of Justice announced the FBI will introduce a new Virtual...

Thursday, February 17, 2022, 01:51:14 PM

“Let’s Make Money”: Zack Morris Is Back As DOJ Files An Appeal

Less than a month after the criminal case against social media personalities led by Zack...

Friday, April 5, 2024, 03:01:00 PM

Hindenburg Research Takes On Tether

Okay folks. So the Nortorious NATE, Nate the Great from Hindenberg Research has announced he’s...

Wednesday, October 20, 2021, 01:30:00 PM

Tether Downplays Court Order To Produce Documents On The Reserves Backing USDT: “Routine Discovery In A Meritless Case”

Tether has been ordered by the court to produce the documents being requested by the...

Thursday, September 22, 2022, 01:28:00 PM