Bitcoin Price Recoils After Bombshell Report DOJ Is Investigating Tether Over Possible Money Laundering Violations ⋆ ZyCrypto
The post Bitcoin Price Recoils After Bombshell Report DOJ Is Investigating Tether Over Possible Money Laundering Violations ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement     According to a Friday report, the United States Justice Department has launched a criminal investigation into stablecoin issuer Tether. The probe is reportedly meant to determine whether the company violated anti-money laundering rules and sanctions. Bitcoin appeared set to break past $70,000, but the probe into Tether caused crypto prices to plummet. However, Tether CEO Paolo Ardoino has refuted the claims that U.S. law enforcement is investigating the crypto company. Tether Facing DOJ Probe? The Wall Street Journal reported on Friday that the federal government was investigating Tether for possible breaches of sanctions and anti-money laundering rules, citing anonymous individuals familiar with the matter. The Manhattan U.S. attorney’s office is handling a criminal probe into Tether, while the Treasury Department has been looking into sanctioning Tether due to its use of the USDT stablecoin by U.S.-sanctioned people and groups such as Hamas. According to the Wall Street Journal, if the Treasury Department decides to initiate charges against Tether, it would block many Americans from doing business with the firm. Earlier today, the crypto market was on an upsurge, with Bitcoin closing in on the $69,000 mark and perhaps bracing for a late Friday or weekend challenge of reaching the elusive $70,000 region. Shortly after the news emerged, BTC slumped to as low as $65,896, per data tracked by CoinGecko. At press time, the price had bounced a hair to $66,706, lower by 2% over the past 24 hours. Advertisement   Tether Vehemently Denies Investigation Report Added Tether CEO Ardoino quickly reacted to WSJ’s market-moving report. “As we told to WSJ, there is no indication that Tether is under investigation,” Tether’s Ardoino wrote in a post on X. “WSJ is regurgitating old noise. Full stop,” he added. Tether mints USDT — the market’s third-largest cryptocurrency after Bitcoin, Ethereum,…
Filed under: News - @ October 25, 2024 11:26 pm