Executives from Tether are potentially facing a criminal probe into bank fraud, Bloomberg reported Monday.
- The Department of Justice is investigating Tether for a possible offenses conducted years ago, the outlet reported citing people with knowledge of the matter.
- Bitcoin dipped on the news, falling about $1,000 shortly after the story came out.
- A request for comment was not immediately returned by Tether.
- Tether, which administers USDT, the crypto market's largest stablecoin, has long been dogged by accusations of murky banking relationships.
This is a developing story and will be updated.