Tether stated its exposure was limited to EQIBank, a financial institution linked to a recent US seizure. Prosecutors allege the bank illegally transferred hundreds of millions of dollars, resulting in an $84 million government action.
US prosecutors recently accused a payments business of illegally moving large sums of money, allegedly at the direction of EQIBank. Tether, a major stablecoin issuer, confirmed it had some assets held with EQIBank. However, Tether emphasized that its exposure to the bank was "limited." This development follows the US government's seizure of $84 million as part of its investigation into the alleged unlawful money transfers. The situation underscores the ongoing legal and regulatory challenges facing financial entities that interact with the crypto industry.
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