Tether CEO Ardoino Denies Investigation, Confirms Reserves

 
Ritu Lavania
Written By 
Ritu Lavania
October 28, 2024

At a recent event in Switzerland, Tether CEO Paolo Ardoino presented a detailed overview of the reserve assets ing the company’s Tether-USD stablecoin and denied reports of Tether being under investigation by the United States Department of Justice and the Treasury.

Ardoino disclosed that Tether has nearly $100 Billion in US treasuries, more than 82,000 Bitcoin, valued at roughly $5.5 billion based on current market prices, and 48 tons of gold. 

The categorical clarification at Lugano’s PlanB event came out as crypto investors grappled with the fear, uncertainty, and doubt especially after a recent Wall Street Journal report stated that US authorities were investigating Tether for allegedly violating anti-money laundering laws and US sanctions.

We had also reported on Tether facing alleged charges of violations related to sanctions and anti-money-laundering (AML) regulations based on sources available. As the news caught wildfire, Ardoino denied the claims, stating “As we told the WSJ, there is no indication that Tether is under investigation. WSJ is regurgitating old noise. Full stop.” Ardoino also pressed upon Tether’s record of complying with laws and regulations to recover stolen digital assets and freeze illegal transactions to “help prevent rogue nations, terrorists, and criminals from misusing USDT”. “We would know if we are being investigated as the article falsely claimed. Based on that, we can confirm that the allegations in the article are unequivocally false,” said citing WSJ reports.

Tether stated that it has reportedly helped law enforcement recover nearly $109 million used in illegal activities such as fraud, sanctions evasion, and cybercrime since 2014. 

At the event, the CEO also presented a preview of Tether’s Local AI development kit, privacy focused, powered by peer-to-peer technology. He wrote on X, “Terher’s AI SDK is extremely modular, s any model (Marian, Llama, …) and loads/stores weights and fine-tuning data in P2P data structures.”

Read More: Tether Allegations Trigger Crypto Market Shrinkage

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Ritu Lavania
Written by Ritu Lavania

Ritu Lavania is a versatile Web3 content creator with over three years of experience in the crypto space. She is part of the team at CryptoNewsZ, where she writes insightful and engaging content. She has also contributed to TheCryptoTimes and The Coin Edition, where her work has been well received by the crypto community. Skilled in research, creative writing, SEO, and cross-functional collaboration, she creates content tailored to diverse audiences. ionate about education, she dedicates time to teaching kids and expressing herself through poetry. Always eager to learn, she continuously explores new trends in blockchain and digital assets. She believes in the power of storytelling to make complex crypto topics more accessible and engaging for readers worldwide.