Our AI writing assistant, WriteUp, can assist you in easily writing any text. Click here to experience its capabilities.
Crypto Companies Behind Tether Used Falsified Documents and Shell Companies to Get Bank Accounts
Summary
In late 2018, the companies behind the most widely traded cryptocurrency had trouble maintaining access to the global banking system. To get back in, some of their backers resorted to using intermediaries, falsified documents and shell companies. Stephen Moore, one of the owners of Tether Holdings Ltd., reported that a major tether trader in China was trying to “circumvent the banking system by providing fake sales invoices and contracts for each deposit and withdrawal.”
Q&As
What methods were crypto companies behind Tether using to maintain access to the global banking system?
Crypto companies behind Tether were using shadowy intermediaries, falsified documents, and shell companies to maintain access to the global banking system.
What documents showed the shady intermediaries and falsified documents used by these companies?
Documents showed the shady intermediaries and falsified documents used by these companies.
Who was attempting to “circumvent the banking system”?
A major tether trader in China was attempting to “circumvent the banking system”.
What was Stephen Moore, one of the owners of Tether Holdings Ltd., saying in an email viewed by The Wall Street Journal?
Stephen Moore, one of the owners of Tether Holdings Ltd., was saying in an email viewed by The Wall Street Journal that the major tether trader in China was trying to “circumvent the banking system by providing fake sales invoices and contracts for each deposit and withdrawal”.
What were the consequences of these companies' attempts to gain access to the banking system?
The consequences of these companies' attempts to gain access to the banking system are unknown.
AI Comments
👍 This article provides an interesting insight into the lengths that some companies have gone to in order to maintain access to the global banking system.
👎 This article exposes the unethical practices of some crypto companies, which could lead to further regulation of the industry.
AI Discussion
Me: It's about crypto companies and the way they used falsified documents and shell companies to get banking accounts. It's pretty shocking.
Friend: Yeah, it is. It just goes to show how easy it is for these companies to get away with things like this.
Me: Absolutely. It also brings up serious implications for the banking system and how it allows these companies to operate. It raises questions about the regulation of these companies and how they can use false information to get away with things.
Friend: Yeah, it does. It's also concerning because these companies are handling a lot of money, and if they're not properly regulated, it could lead to a lot of fraud.
Me: Exactly. It also raises questions about the credibility of these companies and the trustworthiness of their services. If they're not held accountable, they could be taking advantage of customers and putting their money at risk.
Action items
- Research the regulations and laws governing cryptocurrency and banking in your country.
- Educate yourself on the risks associated with investing in cryptocurrency.
- Stay up to date on the latest news and developments in the cryptocurrency industry.
Technical terms
- Cryptocurrency
- A digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend.
- Tether Holdings Ltd.
- A company that issues a cryptocurrency called Tether, which is pegged to the US dollar.
- Shell Companies
- A company that exists only on paper and has no real operations or assets.
- Intermediaries
- A person or organization that acts as a go-between in a transaction.
- Falsified Documents
- Documents that have been altered or forged in order to deceive or defraud.