US seizes bank accounts of payments group working for Tether’s bank

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Users and customers who move funds through crypto-linked payment channels will notice that U.S. prosecutors have put Capstone’s accounts at the center of a forfeiture case involving Tether and Bitfinex. Banks and payment firms that work with crypto businesses now face a public example of a seizure tied to those relationships, which is visible in the case filings and the frozen accounts.

Before this case, Capstone appears to have handled transfers for Tether and Bitfinex through EQIBank; after the seizure, those accounts are frozen in a U.S. forfeiture action. What changes in practice is that the money referenced in the case is now under seizure rather than simply being processed, while the broader use of banking channels for crypto-related transfers is not shown here to have stopped.

What remains unclear is the full scope of the account relationship among Capstone, EQIBank, Tether, and Bitfinex, including how much each firm held or moved through the accounts. A later court filing or further statements from the firms would be needed to settle the exact ownership and routing of the funds described in the case.

The move was larger before the first headline than after. That is an observation, not an explanation: the market also moves on things nobody publishes.

Nothing comparable yet.