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Tether Corporation (USDT) responds to reports of new investigation into bank fraud

Tether Corporation (USDT) responds to reports of new investigation into bank fraud

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Answer Tether Corporation (USDT) responds to reports of new investigation into bank fraud

Several news reports have said that a Department of Justice investigation into Tether-related bank fraud has been transferred to another team.

According for an article issued Yesterday, Monday from Bloomberg, the Department of Justice continues its investigation into Tether.

Tether replies that the information in the Bloomberg article is incomplete and inaccurate.

According to the article, the investigation is being led by US Attorney Damian Williams from Manhattan.

Williams is known to have aggressively pursued crypto suspects cases in the past, and recently obtained a guilty plea from someone linked to one of Tether’s payment processors.

Bloomberg said investigators warned Tether that the company could be charged with bank fraud in July last year.

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Prosecutors were reportedly investigating whether Tether had concealed the nature of its crypto transactions during its early days, which would have constituted a crime.

The news agency reported that the case was moved after months of legal wrangling, according to people familiar with the matter who requested anonymity for confidentiality reasons.

Federal prosecutors said decisions to move such investigations were unusual, but may have been deemed necessary because of the Southern District of New York’s experience in handling related crimes.

Robertson Park, partner at Davis Wright Tremaine, told:

Transferring crypto cases and cases to specific offices can become more common and reasonable.

There is a steep learning curve for the people involved in these investigations and perhaps a relatively limited number of people who have real experience and understanding of such issues.

Tether Corporation responds:

Contrary to Bloomberg’s allegations, Tether on Monday told the company that the company is in frequent contact with the Department of Justice, but has not discussed anything related to the investigation for more than a year.

She explained that the Department of Justice is not currently investigating Tether and that the company has been identified as a victim along with Bitfinex in one of the lawsuits cited by Bloomberg.

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Tether responded:

Bloomberg is recycling old news that is not even realistic.

This is yet another example of their inept journalism and their inability to separate truth from lies.

Tether has had a strained relationship with Bloomberg in the past, with Tether repeatedly criticizing what it calls old news headlines from the news agency.

Back in 2021, Tether called a Bloomberg report on the Justice Department’s move against Tether a “clickbait” headline.

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