The Wall Street Journal is reportedly facing a defamation lawsuit over claims made in a 2023 article linking crypto firms Tether and Bitfinex to illegal activities. Christopher Harborne, holding a stake in Tether, filed the lawsuit against Dow Jones and Company, alleging defamation in the article.
The article, published in February 2023, suggested that Bitfinex resorted to dubious means to maintain access to the global banking system, involving shadowy intermediaries and falsified documents. Harborne, portrayed in the article as a businessman with holdings in cryptocurrency, was mentioned extensively in connection to AML Global’s application for a Signature Bank account.
Tether’s Paolo Ardonio criticized the article upon its publication in 2023, dismissing it as a “clown article.” However, the content related to Harborne and AML Global’s application was removed from the article in February 2024, with an editor’s note added.
Despite the controversy surrounding the article, Tether experienced significant growth in 2023, adding over $20 billion in market value. The company reported a substantial net profit in the fourth quarter of 2023, largely attributed to income from U.S. Treasury securities backing its reserves.
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