The US Justice Department is returning to a probe into a potential bank fraud at stablecoin operator Tether, as per a Bloomberg report, citing unnamed sources. The previous team of investigators did not manage to reach a definitive conclusion after looking into Tether’s questionable banking relationships, which prompted them to transfer the case. Bloomberg had originally reported on a Tether-linked banking-related investigation last July. Since then, the case has largely gone unnoticed. The Southern District of New York under US Attorney Damian Williams is said to be taking on the investigation.
Tether, meanwhile, out adismissing the stating, “This is Bloomberg recycling old news that isn’t even factual.” A representative for the firm said of any investigation that ”