Tether Alleges WSJ Controversial Misleading Reports About The Company
- The Wall Street Journal has been accused by Tether of printing and disseminating misleading information about the firm and its policies.
- Even though it does not provide services to Americans, the company claims to have close links to the American government.
- The stablecoin issuer also pointed out that, despite the high-profile failures of FTX, Genesis, and Celsius, the Wall Street Journal has seldom focused on the right targets in its coverage of the Tether problem.
Tether, one of the world’s major stablecoin issuers, has accused The Wall Street Journal (WSJ) of printing and distributing misleading information about the firm and its procedures.
The USDT issuer chastised the Wall Street Journal and other legacy media for writing unfavorable comments about the business while praising other crypto enterprises that turned out to be some of the largest financial catastrophes in history.
The WSJ’s latest report on Tether’s compliance standards, according to the company, provides the impression that the stablecoin issuer works on the edge of legislation.
Tether, on the other hand, has stated that it has substantial links to the US government, notably the Justice Department and other prominent American government institutions, despite the fact that it does not provide its services to Americans.
The bulk of the 84 pieces on or about Tether published by the WSJ in 2021 and 2022 was scathing. The business has accused the WSJ of continuing to publish outdated, inaccurate, and misleading coverage about Tether.
“Tether has long been a popular target for reporting from the WSJ (and other legacy media), however as the high-profile failures of FTX, Celsius, and Genesis among others revealed, they have rarely focused on the right targets,” the company said in a blog post.
In addition, the company has urged conventional media channels to report more properly and impartially.
Tether’s charges against the WSJ came just two days after Silvergate Bank, another high-profile crypto-related institution, succumbed to crypto winter.
Silvergate Bank stated on Wednesday that it is ceasing operations. The bank is the next casualty of the financial slump caused by the collapse of the FTX in November 2022.
Tether’s stability has been proved during moments of market turbulence such as the LUNA and FTX crises. By successfully processing over $20 billion in redemptions from market highs to lows, the firm has shown that it can continue to function as its consumers want it to.
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