Usa Singapore Turkey city Fargo, county Wells county Wells Taiwan Panama Tether USDT Ether Bitcoin Usa Singapore Turkey city Fargo, county Wells county Wells Taiwan Panama

Breaking: Tether Investigation Reveals Use of Fraudulent Documents and Obscured Identities to Open Bank Accounts

Reading now: 209
cryptonews.com

Amid struggles to maintain access to the global banking system, the companies behind Singapore-based USDT stablecoin issuer Tether used a mixture of fraudulent documents, obscured identities and shell companies, according to a new bombshell report by the Wall Street Journal.USDT’s value is pegged to the US dollar and backed 1:1 with US dollar/liquid equivalents, Tether claims.

USDT is the largest stablecoin by market capitalization, with $71.124 billion tokens currently in circulation.Tether’s trading volumes are typically in the region of Bitcoin and Ether combined.

According to CoinMarketCap, USDT saw $37.239 billion in trading volumes in the past 24 hours, versus Bitcoin’s $25.65 billion and Ether’s $9.7 billion.According to the WSJ, Tether’s use of unconventional tactics to maintain access to the global banking system began in 2017, when Wells Fargo & Co stopped processing transactions from several of the crypto firm’s Taiwanese bank accounts.

Tether said in a lawsuit against the bank at the time that this was “an existential threat to their business”.The documents cited by the Wall Street Journal revealed that the companies behind Tether opened new accounts in Taiwan which were held in trust by Hylab Technology Ltd.

Read more on cryptonews.com
The website fvbb.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

DMCA