Tether (USDT) Accounts for Bank Frauds, Executives Charged

Tether (UDT) Accounts for Bank Frauds, Executives Charged

Charges upon the world’s third-largest cryptocurrency have been on for nearly a year now. Amidst this, the Department of Justice targets finally narrows down on Tether (USDT). Several executives for the firm are being held accountable.

Tether (USDT)’s Deception

Tether (USDT) is the third-largest cryptocurrency in terms of the market cap value after Bitcoin (BTC) and Ethereum (ETH). The market cap value accounts for about $62 billion making it the third in the line.

Also, the mainstream of USDT is it being a stable coin. The crypto is in pair with the U.S dollar making USDT remain with a consistent value.

However, the controversial issue is that certain allegations have been put forth upon the USDT firm regarding its transparency. 

Accordingly, USDT has been subjected to hiding its transactions from the bank. In spite of this, the Department of Justice (DoJ) is right now carrying out a complete investigation upon this issue.

Moreover, this has been reported by Bloomberg, adding to the fact the executives of Tether are to be held in charge of this.

In addition, this counts to the latest actions taken by DoJ amidst the pressure put up by the regulatory authorities upon USDT.

Tether’s Reply

Besides, all this Tether is quite reluctant terming they are in constant talks revealing themselves to the law enforcement authorities. Also, this in turn proves the firm’s cooperation and transparency.

On the other hand, USDT is a key component among the crypto industry, as it’s the most widely used stable coin for trade. Especially when it comes to the trade of Bitcoin (BTC).

However, accounting for about $100 billion last month, which shows USDT’s effervescent growth. This is the same for most other stable coins too. Adding to the fact most of these stable coins are being left unregulated and unaccounted properly compared to the other cryptocurrencies.

As a result, all this has now made the regulatory authorities and bodies bring forth new reforms and regulations for the stable coins.

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A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.