TETHER

Tether has frozen $27 million in USDT linked to Garantex, a Russian crypto exchange recently blacklisted by the European Union. This move led Garantex to suspend trading and withdrawals, warning users about potential risks to all USDT in Russian wallets.

Regulatory Crackdown Intensifies

EU Sanctions – Garantex was sanctioned on Feb 26 due to its connections with restricted Russian banks.
U.S. Blacklist Since 2022 – The U.S. Treasury’s OFAC sanctioned the exchange three years earlier, citing illicit financial activity.
Exchange’s Response – Garantex vowed to resist the restrictions, while Tether has not yet commented on the freeze.

The crackdown signals tightening regulatory pressure on Russian crypto platforms. With regulatory scrutiny tightening on centralized exchanges, DeFi projects like DexBoss are emerging as the future of crypto trading.

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#Tether   #CryptoRegulation   #DexBoss   #DeFiRevolution

🪙 Stablecoin giant Tether has finally decided to undergo a full financial audit. After years of criticism and suspicion, the company is seeking a Big Four auditor to confirm the backing of its USDT token.
🤵🏻 Tether CEO Paolo Ardoino has said that conducting a full audit is the company’s “top priority.” He believes that the process will be much easier with the support of the new U.S. President Donald Trump, known for his pro-crypto stance.
“If the president of the United States says this is a top priority for the country, the Big Four audit firms are going to listen, so we’re very happy with that,” Ardoino told Reuters on March 21.
❗What is a full audit and why is it important?
Tether currently publishes quarterly reports but does not undergo a full independent annual audit. The difference is significant — a full audit is much more extensive and provides more assurance to investors and regulators.
❗Tether says USDT maintains its stable value by being pegged 1:1 to the US dollar. This means that each USDT token is backed by reserves equal to its circulating supply. These reserves include fiat currency, cash equivalents, and other assets.
❗Interestingly, Ardoino did not specify which of the Big Four audit firms — PricewaterhouseCoopers (PwC), Ernst & Young (EY), Deloitte, or KPMG — the company plans to work with. The Big Four are the four largest global audit and consulting firms.
❗Preparing for a Big Audit
🛂 In preparation for a full-scale financial audit, Tether hired Simon MC Williams as its CFO in early March. It appears the company is serious about improving its reputation with investors and regulators.
And for good reason. Tether’s 2024 profit was a whopping $13.7 billion, making it one of the most successful players in the cryptocurrency market. But with success comes growing demands for transparency.
❗Criticism and Mistrust: Is There Cause for Concern?
In September 2024, Cyber ​​Capital founder Justin Bons expressed serious concerns about Tether’s lack of transparency.
“USDT is one of the biggest existential threats to cryptocurrency. We are forced to believe that they are holding $118 billion in collateral without any evidence! And this is after the (CFTC) fined Tether for lying about its reserves in 2021,” Bons said.
Around the same time, consumer advocacy organization Consumers’ Research published a report criticizing Tether for its lack of transparency.
❗The mistrust is well founded. In 2021, the US Commodity Futures Commission (CFTC) fined Tether $41 million for lying about its USDT reserves.
❗The European regulator is serious.
🛂 Adding to the audit issues are regulatory complications. Tether recently expressed frustration with new European regulations that forced exchanges to delist USDT and nine other tokens to comply with European MiCA requirements.
Tether’s initiative to conduct a full audit could be a turning point for the stablecoin industry. If the largest stablecoin can prove its solvency, it will strengthen trust in digital assets as a whole.
However, the key question remains: are all 118 billion USDT tokens in circulation really backed by real dollars and assets? We will get the answer to this question after the audit is completed.
#SECCryptoRoundtable #USDT #Tether #TetherTreasury #MiCA
$USDC

Andriunin Admits Guilt and Surrenders Millions in USDT and USDC
Russian entrepreneur Aleksei Andriunin, founder and CEO of Gotbit, has reached a deal with federal prosecutors in Massachusetts. As part of the agreement, he pleaded guilty and agreed to forfeit $23 million in Tether (USDT) and USDC.
According to a March 19 report from Law360, Andriunin has admitted to three counts of conspiracy to commit fraud and market manipulation as part of his plea deal.
"The defendant understands and agrees that the forfeiture will not satisfy or affect any other fines, taxes, penalties, or obligations owed to the United States," the official statement reads.

The Agreement Does Not Bind Other U.S. Authorities
Despite the plea deal, it does not grant full legal protection. U.S. Attorney Leah Foley emphasized that the agreement does not prevent other federal, state, or local law enforcement agencies from taking action against Andriunin.
Moreover, the court is not required to follow defense recommendations regarding sentencing. "The defendant cannot withdraw his guilty plea if he disagrees with the court’s sentencing calculations or final decision," Foley stated.

Extradition and Legal Battle in the U.S.
Aleksei Andriunin was arrested by Portuguese authorities and extradited to the United States in October 2024. Upon arrival, he was immediately taken into custody and appeared before a federal court in Boston in October 2025.
The indictment alleges that Gotbit was a market-making firm that orchestrated a large-scale market manipulation scheme between 2017 and 2024. The company, registered in Belize, is accused of generating artificial trading volume that may have influenced cryptocurrency prices worldwide.
In September 2024, along with Andriunin, U.S. authorities also charged other Gotbit employees, including marketing director Fedor Kedrov and business director Qawi Jalili, both of whom remain in Russia.

What’s Next for the Gotbit Case?
Legal documents from Massachusetts indicate that the assets listed in the forfeiture agreement were held under Andriunin’s name but officially belonged to Gotbit. This could lead to further legal complications, as federal prosecutors may pursue additional funds connected to the company.
The Gotbit case highlights increased pressure from U.S. authorities to crack down on fraud and manipulation in the crypto industry. More legal action is expected as prosecutors continue investigating others involved in this large-scale operation.

#CryptoNewss , #CryptoFraud , #CryptoRegulation , #CryptoScandal , #Tether

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XRP has surged past Tether (USDT) to become the third-largest cryptocurrency by market capitalization. According to Odaily, XRP’s market cap has jumped 14% in just 24 hours, reaching $148.67 billion, surpassing Tether’s $143.44 billion.
This explosive growth is driven by strong investor confidence, rising adoption, and ongoing Ripple developments. Many experts believe that regulatory clarity and institutional interest are fueling XRP’s rally. Meanwhile, Tether remains dominant in the stablecoin market, but XRP’s momentum suggests a potential power shift in the crypto landscape.
Will XRP maintain its dominance, or will Tether bounce back? The battle for the top spots is heating up!
#XRP #Tether #CryptoNews
#CryptoMarket #XRPvsTether