Tether Downplays EQIBank Exposure Amid $89 Million Seizure

Tether has responded to reports that US authorities seized $89 million from EQIBank, a Dominica-licensed lender. According to Tether, its exposure to EQIBank amounts to less than 0.034% of its total assets, which is roughly $64 million based on the company's June report.

Tether spokesperson stated in an email that 'Tether had no knowledge of the conduct by Capstone alleged by the Department of Justice,' as the seizure centered on Capstone accounts used to hold and move funds. Tether emphasized that its assets held at EQIBank were limited to 'less than 0.034% of the assets of the group.'

The seizure, which affected about $89 million or 80% of EQIBank's monetary holdings, was tied to Capstone, a U.S. payment processor. According to court filings, EQIBank used Capstone to hold funds and move customer money through accounts at Wells Fargo and JPMorgan Chase.