The post protest campaign launched in the US appeared on BitcoinEthereumNews.com.

An advertisement in Times Square in New York accused Tether of corruption and aiding illegal activities. Fox News journalist Eleanor Terrett twitted a photo of a massive billboard in the middle of Times Square. She noted that this action is part of a promotional campaign by the non-profit organization Consumers’ Research.  The organization’s executive director, Will Hild, compared Tether to the bankrupt FTX exchange. According to him, this is a huge “Ponzi scheme” that could result in significant losses for investors in the future. Hield claims that Tether’s coin, USDT, was the most commonly used stablecoin for illicit activity in 2023. He also criticized the company for its lack of public auditing. Does Tether help terrorists and human traffickers? In its latest statement, Consumers’ Research accused Tether of facilitating illegal activities and circumventing international sanctions. The organization has launched a public campaign against Tether, claiming that the company may be linked to terrorist organizations and human traffickers using USDT stablecoins. In addition to accusations of using USDT to finance terrorism and circumvent international sanctions, Consumer’s Research claims that Tether refuses to undergo due diligence that would prove it has sufficient reserves for stablecoins. “We are shining a light on Tether for their suspicious business practices, including a decade long refusal to perform an audit and the routine use of the product by terrorists and traffickers of drugs and humans.” Will Hild, Consumers’ Research Executive Director UN report on money laundering In January, the United Nations Office on Drugs and Crime released a report showing that criminals in Southeast Asia are increasingly using USDT to launder illicit money. An agency spokesman told the Financial Times that criminals had effectively created a banking system using new technologies, and the proliferation of wholly or poorly unregulated online casinos and crypto assets had strengthened…

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Filed under: News - @ June 22, 2024 8:10 am