Crypto Coin Founder Joins Skeptics While Investigation Heats Up

July 10, 2020, 4:08 PM

Brock Pierce is unsure whether the cryptocurrency Tether that he helped co-found will weather the latest assault from regulators and government officials.

Tether, a so-called stablecoin that serves as one of the main conduits for trading in much of crypto market, came under increased scrutiny Thursday after a New York court allowed the state’s attorney general to pursue a claim that Bitfinex, an affiliated company, hid the loss of over $800 million in commingled funds. Two days earlier, international regulators recommended that stablecoins take greater steps to prevent money laundering and the financing of terrorism.

“Tether is, I think, one ...

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