Tether, the company behind the world's largest stablecoin, accessed bank accounts in the past by way of falsified documents and intermediaries, according to the Wall Street Journal. nikhileshde reports
reported Friday that Tether used bank accounts used accounts in the names of executives of various companies, slightly tweaking those companies' names, to maintain its access to the global financial system in 2018.
The report pointed to Crypto Capital Corp., a"shadow bank" which held Tether funds before being shut down by authorities in 2018, and others, alleging Bitfinex and Tether"were able to open at least nine new bank accounts for shell companies in Asia" in October 2018.Paolo Ardoino, the CTO of Tether,that the WSJ report contained a"ton of misinformation and inaccuracies" without giving specifics.
According to the Journal's report, Tether Holdings co-owner Stephen Moore pushed back against the use of fake sales invoices, saying"I would not want to argue any of the above in a potential fraud/money laundering case" in an email seen by the Journal, referring to an intermediary which traded USDT in China.
Crypto companies have traditionally had difficulties securing banking access. Tether in particular has had
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