Tether CEO Denies Investigation Rumours

Rumours started swirling around X (previously Twitter) about federal investigators probing the stablecoin issuer Tether.

As per the rumours, which started from a Wall Street Journal piece, prosecutors from the Manhattan U.S. Attorney’s office allegedly launced a probe into Tether’s stablecoin for facilitated transactions for illicit activities—such as drug trafficking, terrorism, and cybercrime.

These rumours spread like wildfire and the whole crypto community was shocked, whilst the market experiencing a sudden decline.

Moments ago Tether’s Chief Executive Officer, Paolo Ardoino, made an official announcement on X, rebuking these allegations, stating:

As we told to WSJ there is no indication that Tether is under investigation. WSJ is regurgitating old noise. Full stop.

Despite his comments, the crypto market is experiencing higher volatility with Bitcoin dropping briefly below $67,000, but quickly surged to around $67,300. The total market cap of all cryptocurrencies declined by 2.22% to $2.27 trillion in the past 24 hours.

Neverthless, TradingView’s 1-day technical analysis shows that the santiment is still bullish with the summary pointing to “buy” at 12 and moving averages showing “strong buy” at 11.