Tether Critics Bloomberg As ‘Incompetent Journalism’

According to Bloomberg, citing anonymous sources, the Justice Department is reopening an investigation into alleged bank fraud at stablecoin operator Tether.

The investigation focuses on Tether’s contentious financial arrangements, which have already garnered scrutiny from US regulators. Last summer, Bloomberg reported on a banking-related probe.

According to the report, the Department of Justice is investigating whether Tether hid from banks that transactions were crypto-related, according to three people with direct knowledge of the situation who requested not to be identified because the investigation is private. The probe focuses on behavior that occurred years ago when Tether was in its early phases.

The case has mostly gone forgotten since then. The inquiry is claimed to be taking place in the Southern District of New York, led by U.S. Attorney Damian Williams.

Tether issued the following comment in response to the arraignment:

“Bloomberg first reported on the DOJ’s “investigation” in November of 2018 and in the years after. In the time since those stories have been published – stories which have been despicable attempts at crying wolf – Tether has in fact, has been collaborating with law enforcement around the world.

Many of the events they have fixated on in this story are not only inaccurate but are also occurrences that have happened with our sister company, Bitfinex. This represents yet another example of their incompetent journalism and inability to seperate fact from falsity.”

Tether and cryptocurrency exchange Bitfinex resolved a high-profile dispute with the New York Attorney General last year, which saw both businesses, which are controlled by the same parent corporation, thrown out of the state.

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