The Wall Street Journal’s most recent article implies that Tether works outside of the reach of regulation. Reacting to this, Tether has published a blog in which it has accused WSJ of out-of-date, unreliable, and false reporting and accusations. This is in contrast with the fact that Tether is bound by strict financial rules and works with international law enforcement almost every day. In addition to avoiding providing services to US-based clients, this involves routinely cooperating with the US Justice Department and other senior US authorities.
The WSJ has Frequently Focused on Tether in its Articles
The Wall Street Journal (and other traditional media) have frequently focused on Tether as a subject of their reporting for a long time, but as the extremely high flops of FTX, Genesis, and celsius among others have shown, they seldom do so. The Wall Street Journal (WSJ) published 84 stories on or discussing Tether between January 1st, 2021, and January 1st, 2022, the great majority of them unfavourable. The WSJ wrote 28 articles in the same time frame on or referencing FTX, nearly all of which were favourable.
Several of the glitzy enterprises that were backed by mainstream press like the WSJ in 2022 have since been shown to be among the worst financial disasters in history, leaving numerous customers and investors with catastrophic losses of money. On the other side, Tether has consistently met with its commitment to enhance transparency, work with regulators, and modify its reserves.
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Tether was able to repay more than 10% of outstanding USD, or $7 billion, just within 48 hours even during the peak of the Terra Luna crash. From the high to the bottom of the market, it processed repayments totalling around $20 billion. In contrast to the WSJ’s allegations, Tether has consistently shown that it’s a dedicated partner of international law authorities and has established and maintains top-notch regulatory systems.
Moreover, Tether Collaborated with IHOPE to Fight Child Trafficking
To stop bitcoin from being used as a tool to assist child trafficking, Tether has also joined with IHOPE to fight the problem of child trafficking. Tether’s CTO, Paolo Ardoino, stated that the company is particularly interested in enhancing the capacity of cryptocurrency firms to recognize transfers connected to virtual currency exchange markets (CSAM) and report them to law enforcement.