Criminal investigation into Tether (USDT).
Executives at Tether International, the company that issues the digital currency Tether (USDT), is facing criminal investigation into whether they committed bank fraud, Bloomberg News reported today (Monday). Back in January, we reported that Tether could be the SEC’s next target, after Ripple.
Specifically, federal prosecutors are looking into whether Tether concealed from banks that transactions were related to crypto, according to anonymous sources.
The company made the following comments to Bloomberg:
Tether routinely has open dialogue with law enforcement, including the DOJ, as part of our commitment to cooperation and transparency.
Stablecoin Tether (USDT).
Tether is a so-called stablecoin pegged to the U.S. dollar, which is important to the broader cryptocurrency market, including Bitcoin and Ether, because traders use the currency to park uninvested funds on crypto exchanges to protect them from the volatile prices of other crypto assets. More than half of all bitcoin trading is done with Tether.