tether Faces Renewed Terrorism and Illegal Finance Allegations
Stablecoin issuer Tether has faced renewed criticism following allegations that USDT was used in terrorist financing. The largest stablecoin by market cap has previously come under fire for allegedly being used in government to bypass sanctions and other broader illicit uses, including money laundering. Tether continues to deny these allegations, pledging support to the authorities.
Consumer Research Accuses Tether of Terrorist Financing
Consumers Research, a nonprofit organization, launched a campaign to expose Tether’s connections to the Chinese and Russian governments, as well as terrorist organizations and human trafficking groups. According to this Will HildTether is being used by Russia and other countries to evade sanctions, said the executive director of the consumer advocacy firm.
This comes months after the stablecoin issuer was accused of similar points following Hamas’ attacks on Israel on October 7. About 100 Binance While the accounts were frozen by the Israeli government, Tether froze $800,000 worth of assets.
The addition that the company has been linked to criminal activities indicates that the company will be the next FTX. Crypto assets continue to be linked to illicit financial activities, and authorities have sought to curb criticism of their hard-to-trace capabilities.
Establishment Launches Advertising
A new billboard accusing Tether of corruption has appeared in New York’s Times Square with the words “Tethered for Corruption.” Alongside allegations that it is being used to fund gangs and evade government sanctions, the organization also cited Tether’s refusal to audit Tether to ensure it is backed 1:1. They called the company the next FTX, bordering on corruption allegations.
Meanwhile, the crypto company refuted claims stating that assets are 100% backed, adding: “In particular, Tether has integrated the FBI and the US Secret Service into its platform to increase efforts against criminal activity involving stablecoins.”
So read: bitget Launches ZkSync ZK Token Staking and Price Recovery Ahead
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David is a financial news writer with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has a talent for keeping up with breaking news. Staying on top of trends, David is knowledgeable about regulations, partnerships, crypto assets, stocks, NFTs, etc. He reported in various fields such as. Away from the financial markets, David cycles and rides horses.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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