The Tether investigation was handed over to a new attorney general.
A new team of federal attorneys general at the US Department of Justice has taken over the investigation into stablecoin issuer Tether.
Tether Investigation Turned Over
According to Bloomberg’s report, the previous investigation team was unable to come to a firm conclusion after examining Tether’s suspicious banking relationships, which led them to refer the case.
Damian Williams, the US Attorney General for the Southern District of New York, will be the new name in charge of the investigation, according to the report.
At this stage, it remains unclear whether Tether executives will be prosecuted for any crimes as a result of the investigation.
The company’s CTO, Paolo Ardoino, denied the importance of the investigation and accused Bloomberg of republishing old news.
Tether remains the largest stablecoin with a market cap of $69.1 billion.
Tether and Bitfinex went to court in February 2021 for alleged cover-ups to hide a loss of $850 million, and then reached a settlement with the New York Attorney General’s Office.
