CTO Paolo Ardoino has denied allegations that the stablecoin issuer is under investigation amid suspicions of third-party sanctions violation and money laundering.
Posted October 28, 2024 at 4:51 AM ET.
Tether is under investigation by New York prosecutors over whether its stablecoin was used by third parties involved in drug trafficking, terrorism, hacking and other illegal activities to finance those activities. dismissed the claims in a Wall Street Journal report. Launder their proceeds.
The investigation by prosecutors in the Manhattan U.S. District Attorney’s Office revealed that Tether is being used extensively by individuals and entities under U.S. sanctions, including Russia, and that Americans are not likely to use USDT, the paper said. The move comes as the Treasury Department is considering imposing sanctions on Tether, which could potentially be banned. Arms dealer.
The report also notes that the Justice Department launched an investigation into the company several years ago, initially investigating whether its backers committed fraud by using false documents to gain access to banking services. He said he was doing so.
Tether CTO Paolo Ardoino, who attended the Plan B Forum digital currency conference in Lugano, Switzerland, said the company was conducting business as usual and called the claims in the article “patently false.” He said that.
“At Tether, we work regularly and directly with law enforcement authorities to prevent the misuse of USDt by rogue states, terrorists, and criminals,” he said in a post on X on Friday. “We will find out if we are being investigated as the article falsely claims.”
Meanwhile, Ardoino provided attendees at Plan B, a joint venture between Lugano and Tether, with details of the stablecoin issuer’s reserves and plans to deploy an AI software development kit.
He said the company holds a total of 82,454 BTC and 48.3 tons of gold.
Ardoino previewed an AI software development kit with peer-to-peer capabilities that Tether plans to introduce, announcing development in X with a link to a GitHub repository.
This new product will enable developers to write and run code on devices ranging from $40 cell phones to high-end platforms powered by the H100 processor. It has a modular architecture and can support multiple AI models such as Marian and Llama.
Last week, cryptocurrency exchange Coinbase launched a feature called Based Agent. It allows users to create AI agents that can manage crypto wallets and perform various on-chain activities such as trading, swapping, and staking within 3 minutes.
