The stablecoin company called a previous report “completely inaccurate and misleading.”

Tether denied reports on March 3 that it was involved in an outside attempt to gain access to its bank accounts through forged documents.

The Wall Street Journal claims Tether executives signed fake documents

On March 3, The Wall Street Journal claimed that “Tether holders and a related cryptocurrency broker concealed their identities,” and the documents it obtained proved this.

That article cited Tether Holdings Ltd. owner Stephen Moore’s revelation that a China-based Tether trader used fake invoices and contacts to gain access to bank accounts after being blocked from the global banking system.

The Wall Street Journal said Moore advised the other party to stop these actions. Moore supposedly expressed concerns about the risks of using false documents and concerns about arguing issues "in a potential fraud/money laundering case."

The false documents were still reportedly signed by Moore. Therefore, at least one Tether executive was allegedly involved in the fraud.

Tether denies WSJ report as 'completely inaccurate'

While Tether did not address specific claims in the article, it responded to the general allegations by calling the article “completely inaccurate and misleading.”

The company added that it maintains an ongoing compliance program and cooperates with various law enforcement agencies, including the U.S. Department of Justice (DOJ). It said it will continue to provide stablecoin services despite the “unfair attacks.”

Tether CTO Paolo Ardoino commented on the matter on Twitter, saying that the report contained "tons of misinformation and inaccuracies." He also said that he heard "clowns honking" on stage at a conference and attributed the incident to the Wall Street Journal, presumably meaning that the publication of the article caused the audience to heckle.

The Wall Street Journal has criticized Tether on numerous other occasions. In February, it claimed that a small group of people once controlled a majority of Tether’s shares. Last summer, it claimed that Tether was at risk of insolvency and that hedge funds were shorting USDT. The paper has also criticized the company’s reserve transparency and lending activities. Tether has responded to many of these claims.

Despite frequent criticism, Tether’s USDT token remains the largest stablecoin. It currently has a market cap of $71 billion and a 24-hour trading volume of $43 billion.