Everything was going well at Tether until the news of the loss of its peg to the dollar did not fall. This was followed, unfortunately, by unflattering reports about the notorious corporate account blocking on its platform.
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Tether prioritizes transparency and security
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A story of diversion
Tether prioritizes transparency and security
The loss of USDT’s peg to the dollar prompted Tether’s recent performance to be overlooked. Add to that the deactivation of accounts from major crypto companies like MoonPay and you will understand the concern of crypto enthusiasts.
Cointelegraph clarified that Tether would have blocked access to 29 crypto business accounts in 2021. Are affected by this deactivation: CMS Holding, MoonPay, BlockFi and Galois Capital.
As for the reasons for this initiative, Tether has always preferred not to comment on the subject.
” Tether had previously opposed this disclosure in order to prevent the public release of confidential customer data and sensitive proprietary information, which could be exploited by malicious actors. After fiercely defending it, Tether dropped its opposition, allowing CoinDesk and other media to access these documents to prove its commitment to transparency and openness rather than other US litigation. unproductive “, can we read on the website from the issuer of the stablecoin USDT.
Thus, Tether abandoned its old position, transparency and customer security require.
” On June 15, 2023, the New York Attorney General’s Office provided the relevant documents to CoinDesk and other parties. They provided these documents because Tether decided to drop its opposition to FOIL’s demands “, they continued.
A story of diversion
Tether must have come under pressure from all sides due to a $850 million embezzlement charge in 2021. Back then under the iFinex umbrella, with Bitfinex alongside it, NYAG investigators called on the company to disclose adequate financial records.
Note also the payment of a $18.5 million penalty and an obligation to cease its trading activities in New York.
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