Tether Defends Its Record, Blasts WSJ For ‘Irresponsible Reporting’
October 25 2024 - 4:26PM
NEWSBTC
In a recent report by the Wall Street Journal (WSJ), it was alleged
that Tether is currently under federal investigation for potential
violations related to sanctions and anti-money laundering (AML)
regulations in the US. The inquiry, reportedly led by
prosecutors from the Manhattan US Attorney’s Office, is said to
focus on whether Tether’s stablecoin, USDT, has been used by third
parties to finance illegal activities such as drug trafficking,
terrorism, and hacking, or to launder the proceeds from these
activities. Tether CEO Denies Investigation Claims In response to
these serious allegations, Tether has issued a statement strongly
criticizing the WSJ’s reporting. The company called the article
“wildly irresponsible,” asserting that it is inappropriate for the
WSJ to publish such definitive claims without verified sources or
corroboration from authorities. The stablecoin issuer also
emphasized that it has no knowledge of any ongoing investigations,
characterizing the report as based on “pure rank speculation.”
Related Reading: Shiba Inu Inflows Soar 555% In 3 Months – Will The
Momentum Continue? Tether’s CEO, Paolo Ardoino, also took to social
media platform X (formerly Twitter) to further address the issue,
stating, “As we told to WSJ, there is no indication that Tether is
under investigation. WSJ is regurgitating old noise. Full
stop.” This response underlines the company’s commitment to
transparency in the face of these allegations and the increased
scrutiny it has faced in recent years, not only from the US
authorities but also from news outlets such as the WSJ, and its
stance against what it considers to be unfounded allegations.
Commitment To Combating Cryptocurrency Misuse The article from the
WSJ also reportedly downplays Tether’s extensive collaborations
with law enforcement agencies aimed at combating illicit activities
involving cryptocurrencies. Related Reading: Bitcoin To Hit
$125,000 By Year-End If Trump Wins, Says Standard Chartered Tether
highlighted its proactive measures to work with the authorities to
ensure that its platform is not misused by bad actors. Their
response concluded: The article also carelessly glosses over
Tether’s well-documented and extensive dealings with law
enforcement to crack down on bad actors seeking to misuse tether
and other cryptocurrencies. Featured image from DALL-E, chart from
TradingView.com
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