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This is, in principle, a very simple and attractive business, but Tether has found it hilariously difficult as an operational matter. In principle the way you do this business is you have people wire you the dollars, and you send them their USDT (on the blockchain), and you keep the dollars in a bank account or money-market […]
Tether has been ordered by a U.S. Judge in New York to produce financial records relating to the backing of USDT as part of a lawsuit that alleges Tether conspired to issue USDT as part of a campaign to inflate the price of bitcoin. The order requires Tether to produce “general ledgers, balance sheets, income […]
The most recent article from the Wall Street Journal against Tether, is a series of unsubstantiated conclusions. In a time where false information is being weaponized to cause harm across the globe, it is our responsibility to clarify the facts for readers. The article seeks to discredit the work that Tether has put into transparent […]
This year’s slump in digital assets is pressuring crypto companies to show investors that their money is safe. So far, they haven’t delivered. Many crypto companies lack the basic financial guardrails that help protect investors in traditional banks. Firms often don’t publish financial statements, or have anyone check their books. Even if they are audited, […]
One crypto company that has attracted scrutiny from U.S. regulators and law enforcement in the past, Tether, may be in violation of Treasury’s new rules. According to a Washington Post analysis of data from Dune Analytics, a crypto intelligence firm, Tether is not blacklisting accounts associated with Tornado Cash. So far, the U.S. government has […]
Tether, whose $66bn stablecoin known as USDT plays a key role in crypto markets, recouped an $840mn loan to Celsius ahead of the bankruptcy by selling bitcoin Celsius pledged as collateral. The question now is whether Celsius could reclaim the value Tether received in the loan liquidation. The answer would clarify an uncertain area of […]
Now the crypto industry is grappling with an even grimmer prospect: The worst may be yet to come. Concern is mounting over another potential vulnerability in the crypto market: Tether, a company whose namesake currency is a linchpin of crypto trading worldwide. Long one of the most scrutinized companies in the industry, Tether is facing […]
Charles Michael, a partner at law firm Steptoe & Johnson LLC who represented the companies in the inquiry, said the settlement “resolves allegations about public disclosures” around Tether’s loan to Bitfinex. “To the Attorney General’s office’s credit, after two and a half years of investigation, [its] findings are limited only to the nature and timing […]