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Tether (USDT) slams Bloomberg over criminal probe accusations Tether (USDT) slams Bloomberg over criminal probe accusations

Tether (USDT) slams Bloomberg over criminal probe accusations

According to Tether, recent allegations that its executives are facing a criminal probe into bank fraud are just an example of continued pursuits to discredit the high-profile project.ย 

Tether (USDT) slams Bloomberg over criminal probe accusations

Cover art/illustration via CryptoSlate

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The recent report about Tether (USDT) facing a criminal probe in the US, published by Bloomberg and covered by CryptoSlate, received a snappy response, in which the issuers of the largest stablecoin claimed the alleged accusations donโ€™t constitute news but are published as clickbait.

According to the report that cited three unnamed sources with direct knowledge of the matter, the US Department of Justice (DoJ) investigation is focused on conduct that occurred years ago, scrutinizing whether Tether failed to disclose to banks that transactions were linked to crypto.

Discrediting the media for discrediting Tether

The article is โ€œpatently designed to generate clicks,โ€ read the response, stating that the report is consistent with the pattern of recycling out-dated claims as news.

โ€œThe continued efforts to discredit Tether will not change our determination to remain leaders in the community,โ€ said Tether issuers, who revealed the makeup of its reserves in May, reaffirming that โ€œTether routinely has open dialogue with law enforcement agencies, including the U.S. Department of Justice.โ€

Even though the response statement underlines Tether’s โ€œcommitment to cooperation, transparency, and accountability,โ€ its issuers still haven’t produced an audit.

Business as usual

The articleโ€™s response prompted the debate on Twitter, ranging from advice on how to handle clickbait accusations, to effective solutions on how to tackle the recurring skepticism.

โ€œWe are proud of our role as industry leaders in promoting cooperation between industry and government authorities in the U.S. and around the world,โ€ read the issuerโ€™s response to the controversial article, which finally wrapped up in a casual tone, with reassurance.

โ€œIt is business as usual at Tether, and we remain focused on how to best serve the needs of our customers.โ€

According to Tetherโ€™s general counsel Stuart Hoegner, the long-anticipated audit appears to be only โ€œmonths away.โ€ But regardless of the content, it would definitely provide mainstream media with โ€œnews.โ€