Bloomberg reports that the U.S. Department of Justice is investigating Tether for bank fraud, USDT issuer: Fake news

According to Bloomberg, citing sources, the US Department of Justice is investigating potential bank fraud by Tether, the issuer of USDT. Prosecutors are looking into whether Tether misrepresented the reasons for opening bank accounts, such as concealing the relationship between cash and cryptocurrencies. The focus of the investigation is on Tether's controversial banking relationships, with prosecutors in the Southern District of New York led by US Attorney Damian Williams conducting the probe. Bloomberg initially reported a related investigation last summer.

According to sources cited by Bloomberg, the U.S. Department of Justice is investigating potential bank fraud by Tether, the issuer of USDT. Prosecutors are looking into whether Tether opened bank accounts under false pretenses, such as concealing the connection between cash and cryptocurrency. The focus of the investigation is on Tether's controversial banking relationships, with prosecutors in the Southern District of New York led by U.S. Attorney Damian Williams conducting the probe, following Bloomberg's initial report on the matter last summer.

In response to Bloomberg's report on the U.S. Justice Department investigation, Tether stated that since Bloomberg's initial report in November 2018, the news agency has repeatedly circulated old news that is not factual. Tether also mentioned that it regularly engages in open dialogue with law enforcement agencies, including the U.S. Justice Department, assisting in real-time with some of the largest cybercrime and national security cases, strengthening its collaboration with the Justice Department. Tether executives have reportedly not been in contact with the Justice Department regarding any investigation for over a year, and the Justice Department does not appear to be actively investigating Tether.

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Bloomberg first reported on the DOJ's “investigation” in November of 2018 and in the years after. Stories which have been despicable attempts at crying wolf.

— Paolo Ardoino 🕳🥊 (@paoloardoino) October 31, 2022

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