The Wall Street Journal: USDT stablecoin is under investigation by U.S. prosecutors, Tether refutes: another smear..

According to (The Wall Street Journal), U.S. prosecutors are investigating whether Tether is involved in violations of sanctions and anti-money laundering laws, and allegations that USDT is being abused by illegal organizations. In response, Tether and its CEO deny any investigation, emphasizing their close cooperation with law enforcement to prevent illegal use, and accusing the report of being baseless. (Background: WSJ: Tether is the underground finance king disrupting global sanction operations, S&P rating USDT nearing the most dangerous) (Additional context: WSJ: More than half of Tether's USDT reserves are managed by Wall Street firm Cantor Fitzgerald) The leading stablecoin issuer USDT, Tether, has long faced skepticism from the outside. Earlier today, (The Wall Street Journal) reported again that U.S. authorities are investigating whether Tether is involved in potential violations of sanctions and anti-money laundering laws. WSJ: Tether is under investigation by U.S. prosecutors, citing unnamed sources that indicate federal investigators led by the Manhattan U.S. Attorney's Office are reviewing whether USDT is being used by third parties to fund illegal activities such as drug trafficking, terrorism, cybercrime, and money laundering. The report states that the U.S. Treasury has been considering sanctions against Tether due to its use by sanctioned organizations such as Hamas and Russian arms dealers. It also mentioned that Tether has been under investigation for years due to allegations against its supporters of bank fraud. However, before the holiday, the Financial Crimes Enforcement Network of the U.S. Treasury did not respond to the authenticity of the investigation. Tether strongly criticizes WSJ as irresponsible. In response, Tether vehemently denies the allegations. The company issued a statement criticizing (The Wall Street Journal) for publishing such definitive articles containing reckless accusations without any official confirmation of these rumors and without naming any sources, which is extremely irresponsible. These reports are entirely based on pure speculation, despite Tether having clearly stated that it knows nothing about such investigations. The report also overlooks Tether's close cooperation with law enforcement aimed at combating those who attempt to misuse Tether and other cryptocurrencies, which is well-documented. CEO denies any investigation. CEO Paolo Ardoino also rebutted, stating that Tether is not under investigation, saying: As we told (The Wall Street Journal), there is no evidence that Tether is under investigation. (The Wall Street Journal) is merely sensationalizing outdated news. Paolo Ardoino further pointed out that Tether regularly and directly cooperates with law enforcement to prevent rogue nations, terrorist organizations, and criminals from misusing USDT. If we were being investigated, as the article falsely claimed, we would definitely be aware of it. Based on that, we can categorically state that the allegations in the article are completely untrue. At Tether, we deal regularly and directly with law enforcement officials to help prevent rogue nations, terrorists and criminals from misusing USDT. We would know if we are being investigated as the article falsely claimed. Based on that, we can confirm that the allegations in… — Paolo Ardoino (@paoloardoino) October 25, 2024 WSJ: USDT is the shadow dollar weaving underground finance. For a long time, Tether seems to have been under scrutiny by (The Wall Street Journal). Just in September, the media published a lengthy article titled (The Shadow Dollar Weaving the Underground Finance World - Tether), describing how USDT has successfully penetrated the global financial system while simultaneously disrupting the global sanctions system. The article begins by criticizing that USDT is an unregulated and large-scale currency that undermines U.S. efforts against arms dealers, sanction violators, and fraudsters, and that USDT can operate without being regulated by U.S. law enforcement, making it a trading tool for many illegal and sanctioned individuals. In the face of (The Wall Street Journal)'s accusations, whether Tether can continue to maintain its leading position in the stablecoin market is worth continued attention. Further reading: WSJ: Tether is the underground finance king disrupting global sanction operations, S&P rating USDT nearing the most dangerous Related reports: The Wall Street Journal: Stablecoins saved the U.S. debt crisis, Tether: USDT is among the top three buyers of short-term U.S. debt The history of Tether's rise: How USDT overcame FUD to become the leader in stablecoins Tether proposes to 'tokenize' boron ore mines in Turkey and establish a cryptocurrency exchange in Istanbul "The Wall Street Journal: USDT stablecoin is under investigation by U.S. prosecutors, Tether refutes: another smear.." This article was first published on BlockTempo (BlockTempo - the most influential blockchain news media).