According to the Wall Street Journal, Tether reportedly falsified documents which were provided to its banking partners. The Department of Justice (DoJ) is also apparently investigating the stablecoin company for bank fraud.
In a Whalepool call shortly after Wells Fargo cut them off in 2017, Phil Potter, then CSO of both Bitfinex and Tether, described how much back and forth there is in this entire ordeal. He mentioned that when they discovered they were dealing with Bitcoin, their correspondent banks would often refuse to respond.
Stephen Moore, one of the reported shareholders for Tether Holdings Limited, was allegedly responsible for signing a series of fake invoices and contracts which were utilized to conceal the fact that these were Tether deposits and withdrawals. He reportedly did not want to argue any of this in a potential fraud or money laundering case.
Additionally, following this conversation, one essential Tether trader and shareholder based in China, Zhao Dong of RenrenBit, was found to be guilty of money laundering in the country.
Furthermore, previous reporting has also revealed that around the same time, Stuart Hoegner, General Counsel for Bitfinex and Tether, had Tether funds in his Bank of Montreal account. According to previous DoJ comments, the exchanges involved were completely cooperative.
Tether Reportedly Falsified Documents To Deceive Cautious Banks
![](https://files.constantcontact.com/b44f1673801/88a64f67-ede3-4b78-ad9d-fb777ea3a910.png)
![](https://cryptoweekly.co/img/CryptoWeekly-Logo.png.webp)
Subscribe to the CryptoWeekly Newsletter
Get the top stories, funding deals, technical analysis, cryptocurrency jobs and much more delivered to your inbox, every Monday morning.
![](https://files.constantcontact.com/b44f1673801/b2b70ffa-0e36-4130-8721-8558a172f9be.jpg)
July 26,2024
Solana Protocol Announces Rebranding And Launches New Stablecoin And Token
![](https://files.constantcontact.com/b44f1673801/e4263491-8536-41c6-8b85-dc4395260d9e.jpg)
July 26,2024
Senator Marshall Will No Longer Support Anti Crypto Bill
![](https://files.constantcontact.com/b44f1673801/15b5fbd6-3273-4d9c-ae3d-f60d7e2008df.jpg)
July 25,2024
HSBC Australia Will Block All Payments To Crypto Exchanges Going Forward
![](https://files.constantcontact.com/b44f1673801/98ef54b8-8c94-4232-ae78-f264480276f1.jpg)
July 25,2024
Kamala Harris Will Not Attend Upcoming Bitcoin Conference
![](https://files.constantcontact.com/b44f1673801/da56d11b-c05f-4d82-923f-196b296ec509.jpg)
July 24,2024
Toyota Plans To Adopt Ethereum Blockchain Technology For Its Vehicles
![](https://files.constantcontact.com/b44f1673801/68af468b-c48f-492a-a190-a43454314701.jpg)
July 24,2024
Coinbase Wants Access To Private Emails As Fight Against SEC Continues
![](https://files.constantcontact.com/b44f1673801/0e4251a9-d846-42c2-984e-d2806408c77b.jpg)
July 23,2024
Swan Bitcoin Shuts Down Mining Unit And Abandons IDO Plans
![](https://files.constantcontact.com/b44f1673801/ba0136f1-de0b-4c86-ade3-a3aadb462008.jpg)
July 23,2024
Markets React As US SEC Approves Spot Ethereum ETFs
![](https://files.constantcontact.com/b44f1673801/e45ae704-d352-4a15-bb91-c5ebc7aa8791.jpg)
July 22,2024
Elon Musk Adds Lazer Eyes Following Rumours Of His Attendance At Upcoming BTC Conference
![](https://files.constantcontact.com/b44f1673801/4b60f27c-6f55-40ef-8671-63e9c0b7bac9.jpg)
July 22,2024
Biden Officially Quits Presidential Race As Trump Supporters Celebrate
![](https://files.constantcontact.com/b44f1673801/82594195-386c-43f3-a8cb-70acaa2672fb.jpg)
July 22,2024
Web3 Fundraising Deals - July 16th to July 22nd, 2024
![](https://files.constantcontact.com/b44f1673801/1f0e0ef1-899b-409b-adcc-a9b7c5c3ce51.jpg)
July 21,2024