- Back to menuPrices
- Back to menuResearch
- Back to menuConsensus
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars & Events
Crypto Rally Foiled by Report of DOJ Probe of Tether
Bitcoin appeared poised to make another run at $70,000, but a WSJ story of a criminal probe into the stablecoin issuer sent prices tumbling.

Cryptocurrency prices have reversed early gains and are broadly lower during U.S. afternoon hours on Friday following a Wall Street Journal report that the U.S. is probing stablecoin issuer Tether for violations of sanctions and anti-money laundering rules.
Stablecoins are a type of cryptocurrency whose value is pegged to another asset, typically the U.S. dollar. With a market cap in excess of $120 billion, tether USDT
Earlier in the session, crypto prices had been on the rise, with bitcoin BTC
Taking to X shortly following the story, Tether's Chief Executive Officer Paolo Ardoino said the WSJ is "regurgitating old noise." There is no indication, said Ardoino, that Tether is under investigation.
The stablecoin firm subsequently released a statement dismissing the WSJ article.
UPDATE (Oct. 28, 06:08 UTC): Corrects Paolo Ardoino's title in fourth para to Chief Executive Officer. Adds statement from Tether.
Stephen Alpher
Stephen is CoinDesk's managing editor for Markets. He previously served as managing editor at Seeking Alpha. A native of suburban Washington, D.C., Stephen went to the University of Pennsylvania's Wharton School, majoring in finance. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
