Share this article
BTC
$78,409.42
-
0.21%ETH
$1,525.62
-
2.11%USDT
$0.9995
+
0.01%XRP
$1.9053
+
1.19%BNB
$559.09
+
1.23%USDC
$0.9999
+
0.00%SOL
$107.60
+
0.89%DOGE
$0.1511
+
2.63%TRX
$0.2336
+
2.48%ADA
$0.5954
+
3.51%LEO
$9.0053
+
0.73%TON
$3.0575
+
0.84%LINK
$11.42
+
0.96%XLM
$0.2328
+
1.42%AVAX
$17.20
+
4.47%HBAR
$0.1599
+
10.66%SHIB
$0.0₄1117
-
1.64%SUI
$2.0165
+
1.09%OM
$6.2080
-
1.06%BCH
$279.42
+
2.45%Sign Up
- Back to menuNews
- Back to menuPrices
- Back to menuResearch
- Back to menuConsensus
- Back to menuSponsored
- Back to menu
- Back to menu
- Back to menuResearch
- Back to menuWebinars & Events
- Back to menu
Tether Executives Facing Criminal Bank Fraud Charges: Report
The U.S. Department of Justice is investigating Tether for a possible offense conducted years ago, Bloomberg reported Monday.
Executives from Tether are potentially facing a criminal probe into bank fraud, Bloomberg reported Monday.
STORY CONTINUES BELOW
- The U.S. Department of Justice is investigating Tether for a possible offense conducted years ago, the outlet reported citing people with knowledge of the matter.
- The price of bitcoin dipped on the news, falling about $1,000 shortly after the report came out.
- Tether, which administers USDT, the crypto market's largest stablecoin, has long been dogged by accusations of murky banking relationships.
- Tether and its sister exchange Bitfinex settled an investigation by the New York Attorney General's Office (NYAG) into whether the stablecoin issuer was covering up the loss of nearly $1 billion in customer funds earlier this year.
- In the settlement agreement, the NYAG said Tether used various banks, but was suspended from some, including Wells Fargo, for unspecified reasons.
- Bloomberg previously reported in 2018 that the DOJ was investigating whether Tether and Bitfinex were pumping bitcoin's price.
- Tether did not immediately answer CoinDesk's request for comment, but in a blog post after this article was published, seemingly implied the Bloomberg story was wrong without quite saying so.
- "Tether routinely has open dialogue with law enforcement agencies, including the U.S. Department of Justice, as part of our commitment to cooperation, transparency, and accountability," the statement said.
UPDATE (July 26, 2021, 16:31 UTC): Updated with additional context and a statement from Tether.
Sheldon Reback
Sheldon Reback is CoinDesk editorial's Regional Head of Europe. Before joining the company, he spent 26 years as an editor at Bloomberg News, where he worked on beats as diverse as stock markets and the retail industry as well as covering the dot-com bubble of 2000-2002. He managed the Bloomberg Terminal's main news page and also worked on a global project to produce short, chart-based stories across the newsroom. He previously worked as a journalist for a number of technology magazines in Hong Kong. Sheldon has a degree in industrial chemistry and an MBA. He owns ether and bitcoin below CoinDesk's notifiable limit.
Zack Seward
Zack Seward is CoinDesk’s contributing editor-at-large. Up until July 2022, he served as CoinDesk’s deputy editor-in-chief. Prior to joining CoinDesk in November 2018, he was the editor-in-chief of Technical.ly, a news site focused on local tech communities on the U.S. East Coast. Before that, Seward worked as a reporter covering business and technology for a pair of NPR member stations, WHYY in Philadelphia and WXXI in Rochester, New York. Seward originally hails from San Francisco and went to college at the University of Chicago. He worked at the PBS NewsHour in Washington, D.C., before attending Columbia’s Graduate School of Journalism.
