Tether, the company behind the world’s largest USDT stablecoin Bank accounts are opened by forgery and intermediaries. According to a new report by The Wall Street Journal
The report states that Tether uses bank accounts in the names of executives of various companies, with minor tweaks to those companies. to maintain access to the financial system in 2018
According to the report, in late 2018, the company behind Tether struggled to gain access to the global banking system. As a result, some sponsors have turned to “shadow banks, forged documents, and non-business companies.”
The WSJ article, citing a statement from Tether Holdings Ltd. owner Stephen Moore, claims he advised major Tether traders in China to use fake invoices to open bank accounts after being restricted by the global banking system.
Paolo Ardoino, Tether’s Chief Technology Officer Tweetthat the WSJ report contained “misinformation and many inaccuracies,” without providing any additional details.
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