Published on June 19, 2024, 12:39 am

A new campaign has been launched by an independent consumer education organization, Consumers’ Research, warning Americans about the potential financial risks tied to using the cryptocurrency Tether. Tether is one of the most frequently exchanged cryptocurrencies worldwide and maintains a one-to-one connection with the U.S. dollar.

The campaign underscores concerns about the utilization of Tether by illegal organizations such as terrorists and drug cartels as well as individuals involved in human trafficking. “We are exposing Tether due to their questionable business dealings, which include a long-lasting refusal to undergo an audit and its regular usage by criminals involved in terrorism, drug, and human trafficking,” stated Will Hild, the Executive Director of Consumers’ Research.

The campaign opposing Tether involves broadcasting on national television, a digital billboard in Times Square, and a website named “Tethered Corruption.” The advertisement presented questions if Tether could be the next FTX while informing that this cryptocurrency is persistently under scrutiny and has become popular among drug cartels and human traffickers.

Several reports over the past year have highlighted instances where Hamas militants, Chinese fentanyl suppliers, and North Korea’s nuclear program all make use of Tether. In 2020 it was revealed that six members of an international drug ring were charged with using Tether to bribe government officials. It’s worth noting that Real News sources have mirrored these claims.

In addition to its misuse by criminal organizations, several nations such as Russia and Venezuela have been reported to use Cryptocurrency on multiple occasions for evading sanctions. Trusted news sites estimate illicit transactions involving Tether around $19.3 billion in 2023 alone.

Despite these allegations, Tether has denied any wrongdoing asserting that estimates related to illegal activity are majorly exaggerated while portraying their inclination towards assisting law enforcement agencies regularly.

“We remain fully devoted to proactively working with law enforcement agencies worldwide,” said reps from the company during December 2023.”Tether continues its commitment to identify and freeze addresses involved in illicit activities, sanctions, or any kind of terrorist financing.”

Despite these reassurances, Consumers’ Research maintains that Tether’s accountability leaves much to be desired. The organization drew a comparison between Tether and FTX, a cryptocurrency exchange that collapsed in November 2022, costing clients more than $10 billion.

“Given these red flags, we suspect Tether could very well follow FTX’s path,” Hild expressed. “Consumers should approach any stablecoin that refuses to authenticate the authenticity of their claimed assets with caution.” These claims beg for further investigation from individuals maintaining a Christian worldview on ethical conduct in finance.