Tether (USDT) which is a leading stablecoin launched by Tether Limited. It is called stablecoin because it is "backed" by the United States dollar (USD).
Unsurprisingly, today it was just reported that Tether is likely to run into trouble again following the U.S. Department of Justice (U.S.) DOJ has begun an investigation to investigate whether the company’s executives were involved in a financial fraud syndicate or not.
The DOJ is in the process of opening an investigation paper to gather evidence on whether executive officers have defrauded the bank. The DOJ in particular is suspicious of some crypto transactions that have been hidden from the bank's knowledge. Legal action has the potential to have a huge impact on Tether as well as the crypto market.
The investigation was conducted starting from the initial phase where banks in the U.S. refused to cooperate with crypto company Tether or process crypto-related transactions.
Tether responded that they would cooperate and were willing to be committed in complying with the investigation process.
