A U.S. criminal investigation into whether Tether_to’s executives committed bank fraud in the early days of the business has changed hands from the DOJ to SDNYnews, business reported. By cheyenneligon.
The Department of Justice’s probe will now be led by U.S. Attorney Damian Williams in the Southern District of New York , Bloomberg said, citing people familiar with the matter.
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.
Still, the stablecoin issuer has long been plagued by accusations of murky banking relationships and opaque accounting practices.paid $18.5 million to settle a nearly two-year-long investigation with the New York Attorney General’s office into whether it covered up the loss of nearly $1 billion in customer funds. In the settlement agreement, the NYAG said Tether used various banks but was suspended from some, including Wells Fargo, for unspecified reasons.
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