Tether Used Fake Documents to Open Bank Accounts: WSJ

’s troubles continue. According to a Friday WSJ report, companies backing the world’s biggest stablecoin used fake documents and shell companies to help its parent company get into the banking system. The Journal cites emails and documents to claim that the company behind USDT.

Citing an email, the WSJ reported that one major Chinese trader tried to “circumvent the banking system by providing fake sales invoices and contracts for each deposit and withdrawal,” Stephen Moore, one of the owners of Tether Holdings Ltd., admitted. The WSJ also said it had seen documents showing that Tether used problematic third parties that used “hundreds of millions of dollars of seized assets and connections to a designated terrorist organization.” Moore then decided to drop the backer, claiming it was “too risky,” according to the WSJ.


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