en
Back to the list

Breaking: US DOJ set to investigate Tether executives over Bank Fraud

Legal

coingape.com 26 July 2021 16:01, UTC
  
Reading time: ~1 m

Tether, the stable coin issuer might be in trouble again as the US Department of Justice (DOJ) has initiated a probe to investigate whether the executives of the company were involved in bank fraud.

*TETHER EXECUTIVES SAID TO FACE CRIMINAL PROBE INTO BANK FRAUD

— *Walter Bloomberg (@DeItaone) July 26, 2021

The investigation by the agency is verifying whether Tether executives mislead banks. The DOJ is specifically looking into whether Tether concealed some of its transactions linked to cryptocurrencies.  The criminal proceedings could potentially have big implications for Tether and in turn for the whole crypto market.

The investigation dates back to the early stage of Tether when banks in the US were not very keen on partnering with crypto companies or process crypto-related transactions.

Tether said it will fully comply with the investigation and they are fully committed to transparency.

“Tether routinely has an open dialogue with law enforcement agencies, including the DOJ, as part of our commitment to cooperation and transparency,”


   Source
Back to the list