US Tether Bank Fraud Investigation Changes Hands Within the DOJ: Report

A criminal investigation into whether Tether’s executives committed bank fraud in the early days of the stablecoin issuer’s existence has been reassigned after months of stagnation, according to Bloomberg.

The Department of Justice’s (DOJ) probe will now be led by U.S. Attorney Damian Williams in the Southern District of New York (SDNY), Bloomberg said, citing people familiar with the matter.

Bloomberg reported in July last year that federal prosecutors had been digging into whether Tether hid the nature of its crypto-related transactions from the banks it was working with during the fledgling days of its business.

Source: US Tether Bank Fraud Investigation Changes Hands Within the DOJ: Report