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Tether Uses Fraudulent Means to Open Bank Accounts

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According to reports, according to the Wall Street Journal, the stable currency issuer Tether opened bank accounts through forged documents and shadow intermed…

Tether Uses Fraudulent Means to Open Bank Accounts

According to reports, according to the Wall Street Journal, the stable currency issuer Tether opened bank accounts through forged documents and shadow intermediaries. In 2018, Tether used bank accounts opened in the names of senior executives of several companies and fine-tuned the names of these companies to access the global financial system.

Foreign media: Tether used forged documents and shell companies to open bank accounts

Interpretation of the news:


Cryptocurrency is becoming more popular nowadays, and Tether is one of the many digital currencies that are gaining attention. Tether, a stable currency issuer, aims to have a token pegged to the value of a traditional currency, like the US dollar. In recent news, it has been reported that Tether has been using fraudulent means to open bank accounts, which has brought to light the issue of trust in the cryptocurrency industry.

According to the Wall Street Journal, Tether has opened bank accounts through forged documents and shadow intermediaries. In 2018, Tether used bank accounts opened by senior executives of other companies, tricking financial institutions into thinking that the accounts belonged to legitimate businesses. Tether fine-tuned the names of these companies to make it seem like they were using their accounts for legitimate purposes, accessing the global financial system.

This method of opening bank accounts through fraudulent means and shadow intermediaries is illegal and unethical, and it puts not only Tether, but also the entire cryptocurrency industry, in a negative light. Trust is essential in the cryptocurrency industry, and this kind of wrongdoing makes it more difficult for investors and consumers to trust digital currencies.

This news also raises questions about Tether’s credibility and whether it has indeed been truthful about the value of its tokens. The concept of stablecoins is to have a token backed by a traditional currency, which is supposed to provide more stability and reliability than other cryptocurrencies. However, if Tether is not truthful about its tokens’ value, it could potentially crash the cryptocurrency market.

In conclusion, Tether’s use of fraudulent means to open bank accounts is a disturbing revelation that questions the cryptocurrency industry’s credibility and trustworthiness. It is more important than ever for cryptocurrency companies to uphold ethical practices and be transparent about their operations to gain consumers’ trust. Regulators should also ensure that cryptocurrency companies are following legal and ethical practices to protect consumers and the financial system.

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