US prosecutors seized approximately $84.2 million in assets from Capstone Ltd., alleging the firm moved hundreds of millions of dollars through Wells Fargo and JPMorgan at the direction of Caribbean bank EQIBank. The bulk of the seized funds, approximately $79.11 million, was held in a Wells Fargo Securities account. A federal district judge in California denied EQIBank’s motion to return the seized property, which represents approximately 80% of the bank’s total holdings, estimated at around $89 million. Tether confirmed its exposure to EQIBank amounts to less than 0.034% of its total assets. In 2021, Tether and Bitfinex settled with the New York Attorney General’s office over claims that Bitfinex covered up an $850 million loss using Tether’s reserves, resulting in an $18.5 million fine and a ban on serving New York customers.
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