JPMorgan · California · Tether · FBI · Decrypt
The complaint, filed July 15 in the Eastern District of California before Judge Dale
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Drozd, targets Capstone Ltd., a Montana-based payments firm.
Key facts
- Of the $84.2 million at stake in the forfeiture, $79.11 million came out of a Wells Fargo Securities account in Capstone's name on September 14
- Another $2.06 million sat at JPMorgan Chase, $1.86 million in a separate Wells Fargo account, and over $1.1 million was split across two wallets holding USDT, Tether's stablecoin—a crypto token built
- The complaint, filed July 15 in the Eastern District of California before Judge Dale
- The US Department of Justice wants to keep $84.2 million that, according to a civil forfeiture complaint, moved through accounts used to process payments for Tether
Summary
The Department of Justice filed a civil forfeiture complaint on July 15 targeting $84.2 million in accounts tied to Capstone Ltd., a payments firm prosecutors say moved money for Tether without the required license. The bulk of the money, $79.11 million, sat in a Wells Fargo Securities account; smaller sums were held at JPMorgan Chase and in two USDT wallets. Tether confirmed EQIBank, the Dominica-based bank behind Capstone, processed its wire transfers, but said it had "no knowledge" of the conduct under investigation and put its exposure at less than 0.034% of group assets. The US Department of Justice wants to keep $84.2 million that, according to a civil forfeiture complaint, moved through accounts used to process payments for Tether. The complaint, filed July 15 in the Eastern District of California before Judge Dale A.