The Wall Street Journal (WSJ) continues the streak of its “outdated, inaccurate, and misleading coverage” of Tether’s business operations. In its latest streak of “outdated allegations,” the WSJ alleges Tether to be operating on the “outskirts of regulation.”
In its latest blog, Tether maintains that the WSJ’s allegations are in stark contrast to reality.
Tether operates under substantial financial regulations and cooperates on a near-daily basis with global law enforcement.
Tether states it works in “regular cooperation with the U.S. Department of Justice and other top tier US agencies, while not servicing US-based customers.”
Long been on the receiving end of negative reporting from the WSJ and “other legacy media,” Tether, following the FTX, Celsius, and Genesis debacles, the mainstream has mostly failed to address “the right targets,” per Tether.
Tether states, from January 1st of 2021 to January 1st of 2022 the WSJ published 84 articles about or mentioning Tether, the vast majority of them negative.
Tether also states that “the WSJ published 28 articles about or mentioning FTX, almost all of them positive,” during the same timeframe.
Tether has “continually met its commitment to increased transparency, cooperation with regulators, and adjusting its reserves.”
At the time of the massive Terra Luna collapse, Tether redeemed over “10% of outstanding USD₮, equal to $7 billion USD, within 48 hours.” At the same time, “Tether processed redemptions for close to $20 billion from market peak to trough.”
Over the years, Tether has “assisted law enforcement in well over 160 investigations across four continents.” Tether, at present, reportedly has “~$400 million frozen” owing to such investigations.
In August 2021, as for the stolen Poly Network fund, Tether initially “froze and subsequently returned to their rightful owners approximately $33 million in Tether tokens.”
Paolo Ardoino, CTO, Tether, said, Working alongside law enforcement, lawmakers and standard-setting bodies worldwide, Tether is committed to being a positive force in the crypto space by highlighting the risks of child exploitation and to help organise sensible risk mitigating controls in the cryptocurrency industry.
We are especially interested in improving the ability of cryptocurrency businesses to identify transfers related to online CSAM marketplaces and report them to the authorities.
Tether states it is committed to offer “real economic solutions to people in Brazil, Lebanon, Turkey, Myanmar, Argentina,” and other emerging markets.
