Tether Slams WSJ for Biased Coverage and Not Going After the 'Right Targets'

Investing

Published: March 10, 2023 10:15 pm

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’s allegations against the WSJ come two days after another high-profile crypto-related company, Silvergate Bank, fell prey to crypto winter.

The WSJ Wrote 84 Negative Reports About Tether in 2021, Tether Says

Tether published a blog post on Friday, slamming the WSJ for issuing “outdated, inaccurate, and misleading” reports about the blockchain company. Tether, the entity behind the USDT stablecoin, also denied the recent WSJ report that the company’s operations do not comply with US regulations.

“This 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.”

– Tether wrote in the blog post.

Tether said it has been in the WSJ’s crosshairs for a long time, accusing the popular news outlet of “rarely focusing on the right targets,” citing high-profile crypto firms that collapsed in recent months, such as FTX, Genesis, and Celsius Network.

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, “almost all of them positive,” Tether noted in the post.

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.

Tether Stands Strong as Silvergate Bank Throws the Towel

Tether’s blog post comes amid the latest rout in crypto and stock markets caused by Silvergate’s liquidation and the Silicon Valley Bank (SBV) stock collapse.

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.

But while this represents another major blow for the crypto industry, it supports Tether’s 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.

This article originally appeared on The Tokenist