Tether criminally investigated by Justice Department — When The Music Stops podcast – Attack of the 50 Foot Blockchain Skip to content Attack of the 50 Foot Blockchain Blockchain and cryptocurrency news and analysis by David Gerard About the author Attack of the 50 Foot Blockchain: The Book Book extras Business bafflegab, but on the Blockchain Buterin’s quantum quest Dogecoin Ethereum smart contracts in practice ICOs: magic beans and bubble machines Imogen Heap: “Tiny Human”. Total sales: $133.20 Index Libra Shrugged: How Facebook Tried to Take Over the Money My cryptocurrency and blockchain commentary and writing for others Press coverage: Attack of the 50 Foot Blockchain Press coverage: Libra Shrugged Table of Contents The conspiracy theory economics of Bitcoin The DAO: the steadfast iron will of unstoppable code Search for: Main Menu Tether criminally investigated by Justice Department — When The Music Stops podcast 29th July 2021 - by David Gerard - Leave a Comment Number go up! Because there’s trouble at Tether. Specifically: [Bloomberg] A U.S. probe into Tether is homing in on whether executives behind the digital token committed bank fraud, a potential criminal case … the Justice Department investigation is focused on conduct that occurred years ago, when Tether was in its more nascent stages. Specifically, federal prosecutors are scrutinizing whether Tether concealed from banks that transactions were linked to crypto, said three people with direct knowledge of the matter who asked not to be named because the probe is confidential. That’s the entire new information in the story. We don’t know precisely what “years ago” means here — but I’d be surprised if the New York Attorney General didn’t helpfully supply a pile of information from their recently-concluded investigation. Remember that Bitfinex/Tether were lying to their banks all through 2017 and 2018, with banks kicking them off as soon as they found out their customer was iFinex. This week’s “number go up” happened several hours before the report broke — likely when the Bloomberg reporter contacted Tether for comment. BTC/USD futures on Binance spiked to $48,000, and the BTC/USD price on Coinbase spiked at $40,000 shortly after. Here’s the one-minute candles on Coinbase BTC/USD around 01:00 UTC (2am BST on this chart) on 26 July — the price went up $4,000 in three minutes. You’ve never seen something this majestically organic:     Janet Yellen, the Secretary of the Treasury, met on 19 July with the Presidential Oh-Sh*t Working Group of regulators to talk about “stablecoins.” The meeting was closed-door, but a report has leaked. They’re not happy about Libra/Diem-style plans, or about Tether: [Bloomberg] Acting Comptroller of the Currency Michael Hsu said regulators are scrutinizing Tether’s stockpile of commercial paper to see whether it fulfills the company’s pledge that each token is backed by the equivalent of one U.S. dollar. Amy Castor wrote up the present saga for her blog, [Amy Castor] and we both went on Aviv Milner’s podcast When The Music Stops to talk about Tether’s new round of troubles. It’s 51 minutes. [Anchor.fm]     Your subscriptions keep this site going. Sign up today! Share this: Click to share on Twitter (Opens in new window) Click to share on Facebook (Opens in new window) Click to share on LinkedIn (Opens in new window) Click to share on Reddit (Opens in new window) Click to share on Telegram (Opens in new window) Click to share on Hacker News (Opens in new window) Click to email this to a friend (Opens in new window) Taggedamy castorbitcoinbitfinexpodcasttetherwhen the music stops Post navigation Previous Article News: El Salvador Colón-Dollar, everybody hates BlockFi, Tether does CNBC Next Article News: El Salvador, Binance vs Malaysia, Goldman Sachs non-blockchain ETF, Virgil Griffith Leave a Reply Cancel reply Your email address will not be published. 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Libra Shrugged US Paperback UK/Europe Paperback ISBN-13: 9798693053977 Kindle: UK, US, Australia, Canada (and all other Kindle stores) — no DRM Google Play Books (PDF) Apple Books Kobo Smashwords Other e-book stores Attack of the 50 Foot Blockchain US Paperback UK/Europe Paperback ISBN-13: 9781974000067 Kindle: UK, US, Australia, Canada (and all other Kindle stores) — no DRM Google Play Books (PDF) Apple Books Kobo Smashwords Other e-book stores Available worldwide  RSS - Posts  RSS - Comments Recent blog posts News: the Senate has mild contempt for Bitcoin, Tether and USDC attestations, DeFi Money Market and Poloniex settle with SEC, Poly Network hack News: El Salvador, Binance vs Malaysia, Goldman Sachs non-blockchain ETF, Virgil Griffith Tether criminally investigated by Justice Department — When The Music Stops podcast News: El Salvador Colón-Dollar, everybody hates BlockFi, Tether does CNBC Summer reading for the cryptocurrency skeptic: part 1 Excerpts from the book Table of Contents The conspiracy theory economics of Bitcoin Dogecoin Buterin’s quantum quest ICOs: magic beans and bubble machines Ethereum smart contracts in practice The DAO: the steadfast iron will of unstoppable code Business bafflegab, but on the Blockchain Imogen Heap: “Tiny Human”. Total sales: $133.20 Index About Press coverage for Attack of the 50 Foot Blockchain Press coverage for Libra Shrugged My cryptocurrency and blockchain press commentary and writing Facebook author page About the author Contact The content of this site is journalism and personal opinion. Nothing contained on this site is, or should be construed as providing or offering, investment, legal, accounting, tax or other advice. Do not act on any opinion expressed here without consulting a qualified professional. I do not hold a position in any crypto asset or cryptocurrency or blockchain company. Amazon product links on this site are affiliate links — as an Amazon Associate I earn from qualifying purchases. (This doesn’t cost you any extra.) Copyright © 2016–2021 David Gerard Powered by WordPress and HitMag. Send to Email Address Your Name Your Email Address Cancel Post was not sent - check your email addresses! Email check failed, please try again Sorry, your blog cannot share posts by email.