At a recent event in Switzerland, Tether CEO Paolo Ardoino presented a detailed overview of the reserve assets supporting the company’s Tether USD stablecoin, and announced that Tether has been working with the U.S. Department of Justice and He denied reports that he was being investigated by the Ministry of Finance.
Ardoino revealed that Tether holds nearly $100 billion in U.S. Treasuries, more than 82,000 Bitcoins worth about $5.5 billion based on current market prices, and 48 tons of gold.
The clarification at the PlanB event in Lugano comes especially after a recent report in the Wall Street Journal said that US authorities are investigating Tether for allegedly violating anti-money laundering laws and US sanctions. The revelation comes as currency investors grapple with fear, uncertainty and doubt.
We also reported that, based on available sources, Tether is facing alleged violations related to sanctions and anti-money laundering (AML) regulations. As the news spread, Ardoino denied the allegations, saying, “As I told the Journal, there is no indication that Tether is under investigation.” WSJ is regurgitating old noise. Full stop. ” Ardoino also spoke about Tether’s track record of complying with laws and regulations to recover stolen digital assets and freeze illegal transactions to “prevent the misuse of USDT by rogue states, terrorists, and criminals.” also emphasized. “We do know if we have been investigated, as the article falsely claims. Based on that, we can confirm that the claims in the article are unequivocally false,” the Journal reported. Quoted and stated.
At Tether, we regularly work directly with law enforcement authorities to prevent the misuse of USDt by rogue states, terrorists, and criminals. We can tell if we are being investigated, as the article falsely claims. Based on that, we can confirm the following claims…
— Paolo Ardoino 🤖🍐 (@paoloardoino) October 25, 2024
Tether said that since 2014, it has reportedly helped police recover approximately $109 million that was used for illegal activities such as fraud, sanctions evasion and cybercrime.
At the event, the CEO also previewed Tether’s privacy-focused local AI development kit, which leverages peer-to-peer technology. He wrote to X: “Terher’s AI SDK is highly modular, supports any model (Marian, Llama, etc.) and loads/saves weightings and data tweaks in P2P data structures.”
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