Tether’s Statement on ‘WSJ FUD’

The team of crypto exchange Bitfinex and world’s largest stablecoin U.S. Dollar Tether (USDT) dismissed all accusations from a report by Wall Street Journal. The media outlet revealed that key Tether officials signed false documents.

“Stale allegations and unfair attacks”: Tether on WSJ’s report

Yesterday, on March 3, 2023, in late night hours, representatives of Tether Operations Limited shared an official statement regarding the recent WSJ report “Crypto Companies Behind Tether Used Falsified Documents and Shell Companies to Get Bank Accounts.“

More Tether FUD from WSJhttps://t.co/l6DBFEtENp

— Tether (@Tether_to) March 3, 2023

Tether’s team stressed that the WSJ report about the events that allegedly took place in 2018 is “wholly inaccurate and misleading.” Tether implemented stringent internal checks when it comes to Anti-Money Laundering (AML), Know Your Customer (KYC) and Counter-Terrorist Financing (CFT) procedures.

Also, in its daily operations, Tether is a “proud partner” of the global law enforcement and cooperates with the U.S. Department of Justice (DoJ) to prevent all episodes of money laundering and financial crime.

As such, the accusations from Wall Street Journal will not affect Tether marketing, tech development and adoption strategy:

These unfair attacks will not distract us from continuing with those efforts and offering the most liquid and reliable stablecoin experience

Tether CTO Paolo Ardoino added than he heard some “clown honks” while speaking on the PlanB conference in Lugano and is sure that Wall Street Journal was involved.

WSJ criticizing Tether (USDT) for years

As per the WSJ investigation, since 2018, Tether representatives used fake documents and an ecosystem of “shell companies” to integrate the parent company into the banking system.

Allegedly, WSJ accessed emails from one of the “shadowy intermediaries” who is a major Chinese USDT trader and found out that he was issuing fake invoices and receipts to obfuscate Tether activity.

As covered by U.Today previously, this is not the first time when Tether is slammed by Wall Street Journal. In August 2022, the outlet alleged that even a 0.3% drop in USDT reserves was enough to trigger its collapse.