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Tether Bank Fraud Probe Gets Fresh Look from U.S. Federal Prosecutors

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Mon, 31/10/2022 - 15:45
Tether Bank Fraud Probe Gets Fresh Look from U.S. Federal Prosecutors
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According to a report published by Bloomberg this Monday, a new team of federal prosecutors in the U.S. Justice Department is taking a fresh look at the ongoing investigation into controversial stablecoin issuer Tether. 

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Last July, U.Today reported that Tether was facing a criminal probe, with federal prosecutors attempting to determine whether or not the company’s executives committed bank fraud. 

The previous team of investigators didn’t manage to reach a definitive conclusion after looking into Tether’s questionable banking relationships, which prompted them to transfer the case. 

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Damian Williams, the United States Attorney for the Southern District of New York, is now in charge of the high-stakes probe, according to the report.

At this stage, it is unclear whether the executives will be charged with any wrongdoings as a result of the probe. 

Paolo Ardoino, chief technology officer at Tether, dismissed the importance of the investigation in a recent tweet, accusing Bloomberg of “recycling old news.”     

Tether remains the biggest cryptocurrency in the world with a market value of roughly $69.1 billion.  

In February 2021, Tether and sister exchange Bitfinex reached a settlement agreement with the New York Attorney General's Office (NYAG) after it was sued for allegedly engaging in a cover-up to hide the apparent loss of $850 million. 

In early August, Coindesk reported that the exchange might be facing a criminal investigation.

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