Criminal charges currently faced by Tether due to this unethical act are said to carry heavy complications for the company’s future.
Tether, which is known as a major USDT administrator, has been embroiled in a new controversy stating that the company’s executives have been allegedly involved in conducting bank frauds as per the recent Bloomberg reports.
The company executives have been under strict investigation and bear accusations of serious bank fraud that was conducted years ago.
Tether Executives Face an Active Criminal Probe Investigation
The Department of Justice has recently uncovered a bank fraud conducted by the executives at Tether many years ago. Tether, a company that primarily manages the USDT, which is the leading crypto-based stablecoin, has been accused of conducting fraudulent acts. The company executives were involved in misconduct related to a bank fraud that has now surfaced online and is under formal investigation.
As per the reports of Bloomberg, the news of Tether being involved in an active criminal probe has yet again affected the overall pricing of the BTC, the market evaluation has noticed a sudden fluctuation drop. As the news went viral on leading media outlets, Bitcoin has registered a fall of $1000 adversely affecting the investors all around.
The Department of Justice has taken over the case of investigating the alleged fraud accusations and intends to search deeply about various implications of the alleged fraud conducted by the company executives years ago. Tether was contacted to comment on the developing story but they have declined to issue any statements concerning the matter.
Criminal charges currently faced by Tether due to this unethical act are said to carry heavy complications for the company’s future. Tether is the leading and most popular form of stablecoin that was often sought by investors due to its stable pricing and resistance to severe market fluctuations.
Stablecoins have always been a source of intense scrutiny from regulators all over the world. Federal Reserve and US Treasury Departments have always been wary of stablecoins and further believed that such tokens can always threaten regular financial transactions or could be actively used to pursue money laundering.
Juhi Mirza is an archaeology major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallise technical facts/multiple perspectives into rivetting stories makes her an accessible finance writer. She tends to her archaeological pursuits and loves unearthing the past over the weekends.