The Tether and Bitfinex team dismissed the Wall Street Journal report, calling it “WSJ FUD”
Crypto exchange team Bitfinex and the world’s largest US Dollar Tether (USDT) stablecoin have dismissed all accusations in a Wall Street Journal report. The outlet revealed that key Tether officials had signed fake documents.
‘Outdated allegations and unfair attacks’: Tether on WSJ report
Yesterday, March 3, 2023, late at night, representatives of Tether Operations Limited shared an official statement regarding the recent WSJ report “Crypto companies behind Tether used forged documents and shell companies to obtain bank accounts.“
– Tether (@Tether_to) March 3, 2023
Tether’s team pointed out that the WSJ’s report of events that allegedly took place in 2018 is “completely inaccurate and misleading.” Tether has rigorous internal controls in place with regards to Anti-Money Laundering (AML), Know Your Customer (KYC) and Anti-Terrorist Financing (CFT) procedures.
Additionally, in its day-to-day operations, Tether is a “proud partner” of global law enforcement and cooperates with the US Department of Justice (DoJ) to prevent all episodes of money laundering and financial crime.
Thus, the Wall Street Journal accusations will not affect Tether marketing, technology development and adoption strategy:
These unfair attacks will not stop us from continuing these efforts and providing the most liquid and reliable stablecoin experience.
Tether CTO Paolo Ardoino added that he heard “clown horns” at the PlanB conference in Lugano and is sure the Wall Street Journal was involved.
WSJ criticizes Tether (USDT) for years
According to the WSJ investigationsince 2018, Tether representatives have used fake documents and an ecosystem of “front companies” to integrate the parent company into the banking system.
Apparently, WSJ accessed the emails of one of the “dark middlemen” who is a major Chinese USDT trader and discovered that he was issuing fake invoices and receipts to obfuscate Tether activity.
As covered by U.Today previously, this isn’t the first time Tether has come under fire from the Wall Street Journal. In August 2022, the outlet alleged that even a 0.3% drop in USDT reserves was enough to trigger its collapse.