Crypto Market Highlights May 23, 2022 Crypto Market Highlights May 23, 2022
  • News
    • NFT News
    • Metaverse News
    • Bitcoin News
    • Ethereum News
    • Altcoin News
    • DeFi News
    • Blockchain News
    • Web3 News
    • Press Release
    • Hacks and Scams
    • Sponsored Post
  • Stories
    • Interviews
  • Market Analysis
  • Learn
    • Bitcoin
    • Ethereum
    • Cryptocurrency Exchange
    • NFTs
    • DeFi
    • Web3
    • Metaverse
    • Blockchain
    • Trading
    • Crypto Guide
    • Quizzes
  • Crypto Prices
  • Contact Us
Reading: US DOJ Allegedly Opens Investigation Into Tether
Newsletter
Crypto Market Highlights May 23, 2022 Crypto Market Highlights May 23, 2022
[ccpw id="20060"]
Crypto Market Highlights May 23, 2022 Crypto Market Highlights May 23, 2022
  • News
    • NFT News
    • Metaverse News
    • Bitcoin News
    • Ethereum News
    • Altcoin News
    • DeFi News
    • Blockchain News
    • Web3 News
    • Press Release
    • Hacks and Scams
    • Sponsored Post
  • Stories
    • Interviews
  • Market Analysis
  • Learn
    • Bitcoin
    • Ethereum
    • Cryptocurrency Exchange
    • NFTs
    • DeFi
    • Web3
    • Metaverse
    • Blockchain
    • Trading
    • Crypto Guide
    • Quizzes
  • Crypto Prices
  • Contact Us
Reading: US DOJ Allegedly Opens Investigation Into Tether
Newsletter
Crypto Market Highlights May 23, 2022 Crypto Market Highlights May 23, 2022
[ccpw id="20060"]
  • News
  • Stories
  • Market Analysis
  • Learn
  • Crypto Prices
  • Contact Us
Search
  • News
    • Altcoin News
    • Bitcoin News
    • Blockchain News
    • CBDC
    • Crypto Exchange News
    • Cryptocurrencies
    • DeFi News
    • Ethereum News
    • Hacks and Scams
    • Litecoin News
    • Metaverse News
    • NFT News
    • Press Release
    • Ripples News
    • Sponsored Post
    • Web3 News
  • Stories
    • Interviews
  • Market Analysis
  • Learn
    • Bitcoin
    • Blockchain
    • Crypto Guide
    • Cryptocurrency Exchange
    • DeFi
    • Ethereum
    • Metaverse
    • NFTs
    • Trading
    • Web3
    • Quizzes
  • Crypto Prices
  • Contact Us

Trending →

Metaplanet to Raise $5.4B for Bold Bitcoin Buy

By Ezinne Ukaegbu 1 week ago

Shiba Inu Price Risks 22% Drop as Burn, TVL Fall

By Ezinne Ukaegbu 2 weeks ago

Crypto ETPs Explode: $286M Inflows as Ether Dominates Market

By Ezinne Ukaegbu 2 weeks ago

Deflationary Tokenomics vs. Hype: What Really Makes Pepe Hunt Different

By Rita Umukoro 2 weeks ago

WonderChain Ignites Web3: 3 Bold Travel Trends

By Ezinne Ukaegbu 3 weeks ago
Follow US
© Coins Creed. All Rights Reserved.

Home » US DOJ Allegedly Opens Investigation Into Tether

News

US DOJ Allegedly Opens Investigation Into Tether

Kenne Michael
Last updated: 8 months ago
By Kenne Michael
Share
3 Min Read
SHARE

The US Department of Justice has reportedly begun an investigation into USDT issuer Tether for potential AML rules violations.

Contents
DOJ Allegedly Investigating TetherTether Slams WSJ’s “Irresponsible Reporting”
US DOJ Allegedly Opens Investigation Into Tether

The U.S. Department of Justice (DOJ) has reportedly initiated an investigation into Tether, the issuer of the USDT stablecoin, for potential anti-money laundering violations. This news has caused USDT to lose its dollar peg, prompting a selloff across the crypto market.

DOJ Allegedly Investigating Tether

As the Wall Street Journal (WSJ) reported, U.S. officials are looking into Tether for possible breach of sanctions and anti-money laundering regulations.

The investigation is examining whether USDT may have been used by third parties to fund illegal activities such as drug trafficking, terrorism, hacking, or to launder proceeds from these activities.

The Manhattan U.S. Attorney’s office is leading the investigation. The WSJ article also mentions that the U.S. Treasury Department might impose sanctions on Tether, potentially preventing Americans from using USDT in transactions.

In response to the WSJ report, Tether CEO Paolo Ardoino said in an X post ,

“WSJ is regurgitating old noise. Full stop.”

He indicated that the firm had informed WSJ that it has no knowledge of any ongoing investigation into the company.

The implications of an investigation of this scale could be substantial for the crypto market, as USDT is the largest stablecoin by market cap and widely utilized.

An official crackdown on Tether could create ripple effects throughout the market, similar to when the U.S. government filed charges against Binance and its former CEO, Changpeng “CZ” Zhao, over alleged money laundering violations.

Tether Slams WSJ’s “Irresponsible Reporting”

Tether has released a statement criticizing WSJ for what it calls “irresponsible reporting” filled with “reckless allegations.”

Tether noted that the report was based on “pure rank speculation” and that the news outlet did not include the company’s cooperation with law enforcement to combat illicit use of USDT.

Despite Tether’s denials, the news of a potential DOJ investigation has already stirred fear, uncertainty, and doubt (FUD) in the market, causing USDT to lose its dollar peg. This recent depeg is seen as a direct result of panic sparked by the report.

The market reaction has also led to a selloff, with the price of Bitcoin and other cryptocurrencies dropping in response. Bitcoin fell from $68,000 following the release of the report.

Meanwhile, Nic Carter of Castle Island Ventures suggested the investigation might be politically motivated.

In an X post, he claimed the DOJ is targeting Tether due to CEO Howard Lutnick’s political ties, noting that Lutnick is a “big Trump guy.”

He alleged that the leak to WSJ was intentional, meant to damage both Trump and the crypto sector.

This news comes shortly after Tether’s CEO Paolo Ardoino stated that the company currently has no plans for a public offering.

TAGGED:TetherUS DOJ
Share This Article
Facebook Twitter Copy Link

You Might Also Like ↷

SonicX Taps TikTok's User Base to Engage Millions

SonicX Taps TikTok’s User Base to Engage Millions

8 months ago
Mossad is looking to hire a Cryptocurrency Expert

Mossad is looking to hire a cryptocurrency expert

August 9, 2021
Central Bank of Nigeria releases draft rules for the eNaira CBDC programme

Central Bank of Nigeria releases draft rules for the eNaira CBDC programme

August 30, 2021
Bitcoin (BTC) Records Nine Consecutive Weeks Of Losses

Price of Bitcoin Surpasses $68,500, Reaching New Record High

November 9, 2021
Coinscreed
Stay tuned for a blend of captivating content that not only informs but also inspires you to navigate the ever-evolving landscape of technology, marketing, and market trends!
Coinscreed
FacebookLike
TwitterFollow
InstagramFollow

All Rights Reserved. Coinscreed 2024.

adbanner
AdBlock Detected
Our site is an advertising supported site. Please whitelist to support our site.
Okay, I'll Whitelist