In July 2021, the United States Department of Justice announced that it was investigating whether Tether executives had committed banking fraud. The authorities, in fact, accuse the USDT issuer of hiding from the banks, at the beginning of its activities, transactions related to cryptocurrencies. Since then, the investigations have stalled a lot. For many observers this is due to the fact that the judicial authorities have not collected sufficient evidence. From now on, the authorities hope to get there more quickly.
An experienced judge
On Monday, Bloomberg reported that, by order of the United States Department of Justice, the United States Attorney’s Office for the Southern District of New York will now lead the investigation into Tether’s bank fraud allegations. So it will be the case in the hands of Judge Damian Williams. Recall that the investigation aims to determine whether the leaders of the company have hidden crypto transactions from banks. By choosing Judge Williams, the Justice Department wants to make sure it has passed the case to an experienced magistrate.
In recent years, the lawyer has led the most important lawsuits in the digital asset industry. In turn, the New York Southern District Court has heard many cases related to the cryptocurrency industry. The most famous are the failures of the credit institutions Celsius Network and Voyager Digital. The jurisdiction has also partnered with the Securities and Exchange Commission (SEC) to conduct several cryptocurrency-related criminal cases.
The judge and the New York court have become cryptographic references.
Does Tether have anything to be ashamed of?
Last week, Tether wrote in a blog post that “Maintained an open dialogue with law enforcement, assisting the Justice Department in some of the largest cybercrime and security cases in the nation”. The USDT issuer also appears not to have received an official note claiming to be accused of bank fraud.
“Tether executives have not interacted with the Justice Department in any investigation for over a year and the authorities do not appear to be actively investigating Tether.”reads the note.
Tether is a regular untangled with American justice. Last year him paid approximately $ 19 million to avoid prosecution in a fraud case. This involved the crypto company Bitfinex. In October 2021, Bloomberg published an investigation in which he blames Tether’s (USDT) CFO Giancarlo Devasini. The latter would use the company’s reserves to make its investments.
Get a summary of what’s new in the world of cryptocurrencies by signing up for our new servicedaily and weekly so as not to miss any of the indispensable Cointribunes!
Far from dulling my enthusiasm, a fruitless investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore decided to study and understand the blockchain and its multiple uses and to transmit information relating to this ecosystem with my pen.