DOJ · Tether · California · Bitcoin.com News
DOJ Seizes $84 million From Tether-Linked Payment Processor Capstone
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The largest stablecoin issuer would have been using the firm as a bridge to be able to hold bank accounts in the U.S. and settle payments to “hundreds of individuals and entities.” The DOJ seized $84 million from Capstone accounts at Wells Fargo and Morgan Chase.
Key facts
- In May, Tether sued Titan Holding in Brazil after the company defaulted on a $300 million loan made by Tether’s VC arm, Tether Investments
- In the civil forfeiture order executed against Capstone, the DOJ seized $84 million in the company’s accounts at Wells Fargo and JPMorgan Chase
- Two Thai businessmen say Tether blacklisted $42.4 million of their USDT four months before any court authorized the freeze, and…
- Tether, the issuer of USDT, the largest stablecoin in the market, has been involved in a $84 million civil forfeiture case in California
Summary
The DOJ seized $84M from processor Capstone over illegal transfers, pushing EQIBank toward liquidation. Capstone moved $700M via US banks for Tether, highlighting ongoing crypto banking access challenges. Capstone also converted stolen elder fraud cash into stablecoins, prompting Tether to deny wrongdoing. Tether, the issuer of USDT, the largest stablecoin in the market, has been involved in a $84 million civil forfeiture case in California.