He recently published one quite surprising article a Wall Street Journal a Tetherről. In it, they alleged that Tether maintained its access to the global banking system by using falsified documents, false identities and shady companies. Next to bitcoin and ether, Tether is considered the most popular cryptocurrency. According to data from CoinMarketCap, Tether’s stablecoin USDT has been traded at an average value of over $30 billion in recent days. While this number was slightly lower for bitcoin. It’s no wonder that USDT is the most popular stablecoin on the market, with more than 71 billion tokens in circulation.
The Wall Street Journal’s accusations could have a major impact on Tether
Given its popularity and number of transactions, it is vital for Tether to maintain banking access. The Wall Street Journal wrote about it now Tether has repeatedly used deceptive techniques to gain access to US banks. The story allegedly began in 2017, when Wells Fargo & Co stopped processing transactions from Tether’s Taiwanese bank accounts. Tether then also filed a lawsuit against the bank. Then, according to Wall Street Journal documents, the companies behind Tether opened new accounts in Taiwan. These were managed by the head of Hylab Technology Ltd, Chrise Lee, while they were opened under the name Hylab Holdings Ltd. Meanwhile, they also opened a bank account in Turkey under the name of Deniz Royal Dis Ticaret. This account has since been linked to money laundering and terrorist financing by the US Department of Justice. But the Wall Street Journal also wrote that the company allegedly tried to deceive Signature Bank in New York.
In 2018, Signature locked two accounts linked to Tether and also rejected the account opening request of Tether’s sister company, Bitfinex. At that time, AML Global, which deals in aviation fuel trading, allegedly approached Signature with a request to open a bank account. They claimed that they wanted to trade cryptocurrencies on the Kraken crypto exchange for hedging purposes to offset exchange rate exposure. However, it was not disclosed in the application that the owner of AML Global, Christopher Harbourne, actually owns 12% of both Tether and Bitfinex under the name Chakrit Sakunkrit. AML Global’s account was opened by Signature, but it was quickly closed after they realized that the activity on the account was not related to Kraken, but to Bitfinex. As a result of the article, the price of Tether fell by almost 5% in the last 24 hours. Basically, the article published by the Wall Street Journal will not affect the existence of USDT, it can be seen. The bottom line is that Tether needs to be able to prove that USDT is really tied to the dollar one-to-one.
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