Tether said its exposure to EQIBank, a bank named in a US civil forfeiture complaint, was small relative to the company’s overall balance sheet. The stablecoin issuer told Cointelegraph it had "no knowledge" of the conduct alleged by US authorities and said the assets it held at EQIBank accounted for just 0.034% of the group’s total assets. The case centers on Capstone, a Montana-based payments business named in a Department of Justice complaint. US prosecutors alleged the company illegally moved hundreds of millions of dollars under the direction of EQIBank. About $84 million in Capstone accounts was reportedly frozen as part of the action. The Financial Times, citing Justice Department officials, said Capstone was unlicensed and made payments to hundreds of individuals and entities on behalf of Tether and Bitfinex. Tether did not answer a question about whether the seizure could affect customers. As of Friday, USDT had a market capitalization of about $184 billion.
Tether said it had limited exposure through assets held at EQIBank, the bank cited in a US civil forfeiture complaint tied to an alleged unlawful payments operation.
Responding to reports that linked Tether and Bitfinex to Capstone, a Montana-based payments business named in the Department of Justice filing, a company spokesperson told Cointelegraph that Tether had "no knowledge" of the alleged conduct. The company also confirmed that it was a customer of EQIBank.
According to Tether, the amount it held at the bank represented 0.034% of the group’s total assets. US authorities alleged that EQIBank directed Capstone to send and receive money and that the payments business illegally transferred hundreds of millions of dollars on the bank’s behalf.
US prosecutors reportedly froze about $84 million in Capstone accounts as part of the complaint. The Financial Times, citing Justice Department officials, reported that Capstone was unlicensed and made payments to "hundreds of individuals and entities" on behalf of Tether and Bitfinex.
A Tether spokesperson did not respond to a question about how the seizure could affect customers. As of Friday, USDT had a market capitalization of about $184 billion.
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