The DOJ, aka the United States Department of Justice is now investigating traders on the crypto exchange Bitfinex who may have moved prices illegally.
The investigation by the Justice Department comes on the heels of the SEC taking down two crypto projects for illegal ICOs.
Hundreds of other ICOs could now be in the crosshairs.
According to reports the investigation by the DOJ has been going on for some time.
But only recently have they zeroed in on the Bitfinex exchange and the use of Tether (USDT).
I don’t think anyone who follows crypto is really surprised.
There’s been lots of smoke around USDT for a long time now. And while it continues to survive, many, including myself, think it’s only a matter of time before it blows up.
Perhaps the DOJ investigation will hasten the process.
Apparently, the CFTC, the Commodity Futures Trading Commission, also subpoenaed Bitfinex and Tether.
Only time will tell what will happen but I wouldn’t be surprised to see some type of action.
A study by University of Texas finance professor John Griffin earlier this year already claimed Tether was being used to manipulate markets.
One thing is for sure. Stay out of USDT!
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