USDT issuer Tether condemned the Wall Street Journal (WSJ) and other legacy media for publishing negative reports about the company while lauding other crypto firms that proved to be some of the biggest financial failures in history. Tether\u2019s allegations against the WSJ come two days after another high-profile crypto-related company, Silvergate Bank, fell prey to crypto winter.<\/p>\n
Tether published a blog post on Friday, slamming the WSJ for issuing \u201coutdated, inaccurate, and misleading\u201d reports about the blockchain company. Tether, the entity behind the USDT stablecoin, also denied the recent WSJ report that the company\u2019s operations do not comply with US regulations.<\/p>\n
\u201cThis conflicts with the reality that Tether operates under substantial financial regulations and cooperates on a near-daily basis with global law enforcement. This includes regular cooperation with the U.S. Department of Justice and other top tier US agencies, while not servicing US-based customers.\u201d<\/p>\n
\u2013 Tether wrote in the blog post. <\/cite><\/p>\n Tether said it has been in the WSJ\u2019s crosshairs for a long time, accusing the popular news outlet of \u201crarely focusing on the right targets,\u201d citing high-profile crypto firms that collapsed in recent months, such as FTX, Genesis, and Celsius Network.<\/p>\n The Hong Kong-based blockchain firm said the WSJ posted 84 articles about or mentioning the company from Jan. 1, 2021, to Jan. 1, 2022, most of which were negative. On the other hand, the newspaper publisher issued 28 reports about or mentioning FTX, \u201calmost all of them positive,\u201d Tether noted in the post.<\/p>\n The company also said that many crypto and blockchain companies that the WSJ and other mainstream media have lauded in recent years were among the largest-ever financial failures, causing unprecedented losses for investors. In contrast, Tether argued it has time and time again shown its commitment to transparency, as well as its willingness to cooperate with regulators.<\/p>\n Tether\u2019s blog post comes amid the latest rout in crypto and stock markets caused by Silvergate\u2019s liquidation and the Silicon Valley Bank (SBV) stock collapse.<\/p>\n On Wednesday, Silvergate Bank, which once played a central role in the crypto banking system, announced it is winding down operations. The bank marks the latest victim of the market downturn triggered by the FTX collapse in November 2022.<\/p>\n But while this represents another major blow for the crypto industry, it supports Tether\u2019s allegations in a certain sense. The blockchain company has faced intense criticism over recent years about its solvency and transparency. Yet, it has endured all significant downturns in the crypto industry so far, with its USDT stablecoin still being one of the biggest cryptocurrencies by market cap.<\/p>\n This article originally appeared on The Tokenist<\/i><\/p>\n Sponsored: Tips for Investing<\/b><\/p>\n A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.<\/p>\n Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses,\tconsider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.<\/p>\nTether Stands Strong as Silvergate Bank Throws the Towel<\/h3>\n