The U.S. Department of Justice is investigating whether or not Tether's executives have committed bank fraud, per Bloomberg.
Federal prosecutors are focusing on Tether's early days, where it is alleged that Tether potentially concealed from banks transactions that were linked to crypto.
Three individuals close to the matter have reportedly requested to remain anonymous. Decrypt has contacted Tether and will update this article should we receive a response.
This story is developing. Check back for updates.