26 Jul 2021 · 1 min read

Bitcoin Accelerates Despite Alleged Tether Criminal Probe Report

Bitcoin (BTC) trimmed its gains today, before rebounding again despite claims that executives behind the most popular stablecoin, tether (USDT), might face a criminal probe.

Source: Adobe/dennizn

At 16:53 UTC, BTC trades at USD 39,184, rebounding from USD 37,889, reached after a report by Bloomberg said that a US probe into Tether is homing in on whether executives behind the digital token committed bank fraud. BTC is up by 15% in a day.

BTC price today:

Source: coingecko.com

Federal prosecutors are scrutinizing whether Tether concealed from banks that transactions were linked to crypto, the report said, citing three undisclosed people with direct knowledge of the matter. A decision on whether to bring a case could be made soon, it added.

While the Justice Department (DoJ) declined to comment, Tether said that they "routinely [have] open dialogue with law enforcement agencies, including the DoJ, as part of our commitment to cooperation and transparency."

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Learn more:
- USDC Operator Happy After Yellen Calls Stablecoins ‘National Security’ Concern
- Skeptics Keep Tether Busy Despite Latest Transparency Round

- Experts Warn of Tighter Policing Ahead for Stablecoins
- Imagine Regulators Shutting Tether Down - What Happens to Bitcoin?

- Tether & Bitfinex Settle NY AG's Probe, Expect More Transparency
- How Merlin Lost Patience Trying to Save Bitfinex's USD 851 million
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(Updated at 16:56 UTC with the latest market data.)