US Prosecutors Target Bank Linked to Tether for $84.2 Million

US prosecutors are seeking $84.2 million from a bank tied to Tether, a stablecoin issuer. This move is part of an ongoing investigation into the alleged manipulation of cryptocurrency markets.

The bank in question has been linked to Bitfinex, another major player in the crypto space. In 2019, prosecutors claimed that Bitfinex had used Tether's funds without permission, leading to a cover-up by the bank and its executives.

The investigation is being led by New York Attorney General Letitia James' office. While the outcome of this case remains uncertain, it highlights the increasing scrutiny faced by major crypto players in the US.