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Bloomberg: DOJ Probing Tether of Bank Fraud

Written by:
Aaron Goldstein
Published on:
Jul/26/2021

A U.S. probe into Tether, a digital token widely used to trade Bitcoin, is looking into whether executives behind the digital token committed bank fraud, a potential criminal case that would have broad implications for the cryptocurrency market, according to a report filed by Bloomberg News Monday morning.

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The probe appears to be concentrating on activities from a few years ago back when Tether was in its infancy.

Specifically, federal prosecutors are scrutinizing whether Tether concealed from banks that transactions were linked to crypto, said three people with direct knowledge of the matter who asked not to be named because the probe is confidential, the Bloomberg report exlains.

Tether is considered to be among the most popular stablecoins -- tokens designed to be immune to wild price swings, making them ideal for buying and selling more volatile coins.  Such a DOJ investigation would would mark one of the most significant developments in the U.S. government’s crackdown on virtual currencies.

“Tether routinely has open dialogue with law enforcement agencies, including the DOJ, as part of our commitment to cooperation and transparency,” the company said in a statement. Its corporate structure consists of a tangled web of entities based in the British Virgin Islands and Hong Kong.

The news did not appear to be affecting Bitcoin's price, which had moved up in recent days to around $38,000, from a low of $29,800 last Tuesday.

- Aaron Goldstein, Gambling911.com

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