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US seizure linked to Capstone raises questions about Tether reserves
Court records list about $83.0 million in three Capstone bank balances plus about 1.18 million USDT at two addresses, totaling roughly $84.2 million at $1 per USDT.
Tether is facing new questions about what it says backs USDT after a US civil forfeiture action tied to payment processor Capstone Limited, according to CryptoSlate. Court records name Capstone-held accounts and list both bank balances and USDT at two addresses.
CryptoSlate reports that Tether disclosed exposure to EQIBank as that bank fights the seizure, saying the exposure was less than 0.034% of the Tether group’s assets as of Sept. 25. The disclosure did not include a dollar balance and did not indicate whether any seized funds are part of USDT reserves.
The government filed the civil forfeiture complaint in July, and CryptoSlate says court records identify about $83.03 million across three bank balances and roughly 1.18 million USDT at two addresses, which totals about $84.2 million using a $1 per USDT assumption. A court order identifies the bank accounts as held in Capstone’s name, but it does not identify the listed property as Tether’s.
CryptoSlate also notes that EQIBank sought the return of the seized property in a related action, and that motion was denied. The denial did not resolve the ultimate forfeiture case or determine ownership, while the government’s claim is separate from Tether’s undisclosed exposure to the bank.