Tether Denies Direct Involvement in $84 Million Bank Seizure Linked to EQIBank

Tether, the issuer of the USDT stablecoin, has responded to allegations that it had 'limited' exposure to EQIBank, a bank linked to an $84 million US seizure. According to Tether, its assets held at EQIBank represented only 0.034% of the group's total assets.

The allegations stem from a civil forfeiture complaint filed by the Department of Justice against Capstone, a Montana-based payments business. Prosecutors alleged that EQIBank directed Capstone to allegedly move hundreds of millions of dollars on behalf of Tether and Bitfinex.

Tether denied any knowledge of the alleged conduct, stating it had 'no knowledge' of the events in question. The USDT stablecoin has a market capitalization of about $184 billion as of Friday.