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FollowingTether confirms holding funds in troubled EQIBank
Tether, the issuer of the stablecoin USDT, confirmed that it holds a certain amount of funds in the troubled financial institution EQIBank. It was previously reported that U.S. authorities had frozen and confiscated a large amount of financial assets in EQIBank.
Seizure of EQIBank assets and TEDA exposure
EQIBank, a financial institution licensed by Dominica, stated in a statement that earlier this year, about 80% of its financial assets were frozen or confiscated by U.S. authorities. In response, a TEDA spokesperson said in an official statement that the company's assets in EQIBank accounted for "less than 0.034%" of the group's total assets, but did not disclose the specific dollar amount.
According to the second-quarter reserve report released by TEDA, its total assets were US$187.75 billion. Based on this calculation, it holds less than US$63.8 million in funds in EQIBank. This exposure was first disclosed in a report in The Information on September 24.
EQIBank revealed that its funds were deposited in the name of Capstone Ltd., a U.S. payment company. Capstone deposits the assets in its own name with major U.S. banks, including Wells Fargo and JPMorgan Chase.
EQIBank learned that funds were frozen approximately April 2. The seizure order was reportedly issued on June 1, according to court documents related to the bank's attempt to recover frozen assets. Legal documents show that the U.S. government's focus may be on Capstone's statements to the banks concerned.
A TEDA spokesperson emphasized in a statement that the company had "no knowledge of Capstone's alleged actions by the Justice Department." TEDA representatives said their exposure to EQIBank was limited, adding that the group had no prior knowledge of Capstone's suspected activities that led to the seizure of assets.
EQIBANk co-founder Christopher Burke filed a sworn statement in June stating that the frozen funds formed a critical part of the bank's finances and said without the support of these resources, the bank would not be able to continue operating for long.
Burke added that the Dominica Financial Services Authority implemented strengthened supervision of EQIBank on June 5, saying it was an early move by regulators that might take over or liquidate the bank if it fails to meet its depositor obligations.
On July 16, Judge Dale A. Drozde of the Federal District Court for the Eastern District of California, Drozd) rejected EQIBank's motion to restore access to seized funds. The court cited a lack of equitable jurisdiction after prosecutors filed a civil forfeiture action on the Capstone account the day before.
Civil forfeiture cases and total assets
According to a court order dated September 14, the forfeiture process involved approximately US$83 million held by Capstone at Wells Fargo and JPMorgan Chase, as well as approximately 1.18 million USDTs stored on the Tron blockchain. The total assets targeted by authorities were approximately $84.2 million.
截至6月底，泰达币的超额储备金为41.1亿美元，较三个月前的82.3亿美元有所下降，这一降幅最早由Unchained在8月报道。
小词典：
EQIBank：成立于2015年，是一家获得多米尼克许可的数字银行，提供全球企业和私人银行服务，重点支持数字资产业务。
