Tether says EQIBank holdings are under 0.034% of assets as U.S. prosecutors pursue Capstone funds
Tether says it holds under 0.034% of group assets at Dominica-licensed EQIBank, the bank U.S. prosecutors say froze about $84.2 million routed through payment processor Capstone.
Why it matters
The forfeiture targets Capstone rather than Tether, and the slice of assets Tether has quantified is small against a $187.75 billion base, but the case leaves open whether any money Tether holds at EQIBank backs USDT redemptions, and Tether has not answered that. Cointelegraph reported that a Tether spokesperson did not respond to a question about how the seizure could affect the company's customers.
Where the sources disagree
Size of the U.S. seizure tied to Capstone
about $84.2 million
Crypto.News, Crypto News Flash, Cointelegraph, CryptoSlate
roughly $89 million
Crypto.News, CoinDesk, Bitcoin Insider, Bitcoinist
$83.03 million in three bank balances plus roughly 1.18 million USDT
Bitcoinist, CryptoSlate
The forfeiture complaint covers about $84.2 million while EQIBank puts the seized sum at roughly $89 million, and Bitcoin Insider said the discrepancy has not been resolved across coverage.
What Tether measured its 0.034% against
group total assets
Crypto.News, CoinDesk, Cointelegraph, Unchained, Bitcoinist, CryptoSlate
total reserves
Bitcoin Insider
Most outlets reported the figure as a share of the Tether group's total assets, while Bitcoin Insider described it as a share of total reserves.
When the funds were frozen and seized
froze funds recognized around April 2, warrants around June 1
Unchained
seized on the Thursday before Sept. 25
CoinDesk, CryptoSlate
EQIBank's court papers put the freeze discovery in early April and formal warrants around June 1, while CoinDesk described the seizure as happening on the Thursday before the Sept. 25 reporting wave.
Figures that do not reconcile
Found by comparing the numbers in the reports automatically. They are differences, not yet confirmed to be about the same thing.
size of the holdings
80%
Crypto.News
0.034%
CoinDesk
Crypto.News reports 80%, CoinDesk reports 0.034% (57% apart).
size of the holdings (holdings)
80%
Crypto.News
0.034%
Unchained
Crypto.News reports 80%, Unchained reports 0.034% (57% apart).
size of the holdings
80%
Crypto.News
0.034%
Bitcoin Insider
Crypto.News reports 80%, Bitcoin Insider reports 0.034% (57% apart).
size of the holdings (eqibank holdings)
80 percent
CoinDesk
0.034%
Unchained
CoinDesk reports 80 percent, Unchained reports 0.034% (57% apart).
size of the holdings (figure)
80 percent
CoinDesk
0.034%
Bitcoin Insider
CoinDesk reports 80 percent, Bitcoin Insider reports 0.034% (57% apart).
size of the holdings (bank)
80%
Unchained
0.034%
Bitcoin Insider
Unchained reports 80%, Bitcoin Insider reports 0.034% (57% apart).
Key facts
Tether says assets it holds at EQIBank represent less than 0.034% of the Tether group's total assets, without disclosing a dollar figure.
0.034 %Disputed figureReported by Crypto.News
A U.S. federal judge denied EQIBank's motion to recover the seized property.
Reported by Crypto.News
The Justice Department alleged Capstone Ltd. was unlicensed and moved hundreds of millions of dollars at EQIBank's direction, paying hundreds of individuals and entities on behalf of Tether and Bitfinex.
Reported by Crypto News Flash
A Tether spokesperson said Tether had no knowledge of the conduct by Capstone alleged by the Justice Department.
Reported by Crypto.News
Tether's June reserves report listed $187.75 billion in group assets and a $4.11 billion excess reserve buffer.
187,750,000,000 USDReported by Crypto.News
Outlets put the dollar ceiling implied by Tether's percentage at roughly $64 million or less than about $63.8 million.
64,000,000 USDDisputed figureReported by CoinDesk
What happened
U.S. prosecutors are pursuing forfeiture of about $84.2 million in property that a federal court record lists as $83.03 million across three bank balances plus roughly 1.18 million USDT at two addresses, tied to Capstone Ltd., a Montana-based payments company used by EQIBank to move customer funds through Wells Fargo, JPMorgan Chase and other banks. Tether confirmed on Sept. 25 that it is an EQIBank customer and holds assets there, which a spokesperson put at 'less than 0.034% of the assets of the group' without naming a dollar amount. Outlets converted that percentage differently against Tether's $187.75 billion in assets, with CoinDesk and Bitcoinist citing a ceiling of roughly $64 million and Unchained and Bitcoin Insider citing less than about $63.8 million. EQIBank says roughly $89 million was seized, around 80% of its financial assets, and a federal judge denied the bank's motion to recover the property, though CryptoSlate reported that the ruling did not decide the forfeiture case or establish who owns the funds. The complaint does not identify the listed property as Tether's, Tether has said it 'had no knowledge of the conduct by Capstone alleged by the Department of Justice', and Tether told PYMNTS it gave no dollar balance and no indication the money is part of USDT reserves. Bitcoin Insider noted that the $84.2 million and $89 million totals have not been reconciled across coverage.
How the story developed
- Update
The Information reports Tether's EQIBank exposure
Unchained reported that The Information broke the banking relationship on Sept. 24, including that EQIBank processed wire transfers tied to purchases and redemptions of USDT.
- First report
First report by Crypto.News
Tether says EQIBank exposure below 0.034% after U.S. seizure
- Official statement
Tether confirms EQIBank relationship and puts exposure under 0.034% of group assets
Tether told Crypto.News, CoinDesk, Cointelegraph, Unchained and PYMNTS that it is an EQIBank customer and holds less than 0.034% of group assets there, with no dollar figure and no stated link to USDT reserves.
- Resolution
Judge denies EQIBank's motion to recover the seized property
The denial came in a separate but related action, and CryptoSlate said it did not decide the forfeiture case or establish who owns the property.
- Independent corroboration
Independently corroborated by Crypto News Flash
Tether Banking Partner Caught in $84M U.S. Money Trail
- Update
EQIBank begins learning that funds were frozen
According to the bank's motion to recover the money, it started learning around April 2 that funds it had placed with Capstone had been frozen.
- Official statement
EQIBank co-founder says seized money is roughly 80% of the bank's financial assets
Christopher Burke made the claim in a sworn declaration filed in June, saying the bank cannot operate much longer without some of the money. Dominica's Financial Services Unit put the bank under enhanced supervision on June 5.
- Official statement
Government files civil forfeiture complaint over Capstone accounts
CryptoSlate reported the complaint was filed in July and that a later order identifies the bank accounts as held in Capstone's name without identifying the property as Tether's.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 25 Sept 2026, 06:16 UTC: Crypto.News — 1 independent source, 1 reports
- 25 Sept 2026, 13:30 UTC: Crypto News Flash — 2 independent sources, 2 reports
- 25 Sept 2026, 14:32 UTC: CoinDesk — 3 independent sources, 3 reports
- 25 Sept 2026, 18:56 UTC: Cointelegraph — 4 independent sources, 4 reports
- 25 Sept 2026, 19:31 UTC: Unchained — 5 independent sources, 5 reports
- 26 Sept 2026, 00:16 UTC: Bitcoin Insider — 6 independent sources, 6 reports
- 27 Sept 2026, 04:30 UTC: Bitcoinist — 7 independent sources, 7 reports
- 27 Sept 2026, 21:15 UTC: CryptoSlate — 8 independent sources, 8 reports
Affected entities
Also mentioned: Base, Chainlink, Bitcoin, South Korea, TRON
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Crypto.News Crypto media | Tether says EQIBank exposure below 0.034% after U.S. seizure | Original | |
| CoinDesk Crypto media | Tether confirms minimal EQIBank exposure following $89M US asset seizure | Independent | |
| Unchained Crypto media | Tether Says Less Than 0.034% of Its Assets Sit at EQIBank, an Offshore Bank Hit by US Seizures | Independent | |
| Cointelegraph Crypto media | Tether says it had ‘limited’ exposure to bank linked to $84M US seizure | Independent | |
| CryptoSlate Crypto media | An $84 million US asset seizure just sparked a massive question for Tether | Independent | |
| Bitcoinist Crypto media | Tether Says EQIBank Exposure Is Below 0.034% After US Asset Seizure | Independent | |
| Crypto News Flash Crypto media | Tether Banking Partner Caught in $84M U.S. Money Trail | Independent | |
| Bitcoin Insider Aggregator | EQIBank Seizure Leaves Tether’s Reserves Almost Untouched, Company Says | Syndicated |
Related events
US prosecutors seek forfeiture from Tether-linked payment processor Capstone
US prosecutors filed a civil forfeiture complaint against Capstone Ltd., a Montana payment processor linked to Tether, alleging it moved money as an unlicensed money transmitter.
Crypto scam suspect extradited to US in $36.9m case involving 174 victims
Manhattan US Attorney Office leads probe into Binance's Iran sanctions compliance
Federal prosecutors in Manhattan are investigating whether Binance knowingly allowed Iran-linked trading that violated US sanctions, Bloomberg reported, with the DOJ Criminal Division also involved.
Blumenthal asks Treasury and DOJ to investigate Tether over USDT use by Iran
Senate investigation staff say 84% of 846 Iran-linked sanctioned wallets transacted almost only in USDT, and Blumenthal asked Treasury and DOJ to examine Tether's compliance by Oct. 9.
Daniel Rhyne sentenced to 32 months for sabotaging employer systems and demanding bitcoin
A core infrastructure engineer at a New Jersey industrial company got 32 months in federal prison for shutting down servers and demanding about 20 bitcoin in ransom.
Adam Iza sentenced to 78 months and $23.4 million restitution over Meta fraud and sheriff's deputy scheme
A federal judge sentenced Adam Iza, who called himself 'The Godfather', to 78 months and $23.4 million restitution for a Meta fraud, tax evasion and hiring sheriff's deputies.
