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.
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Why it matters
The complaint reaches the banking layer Tether used in at least some markets, and Bitcoin.com News reports it leaves EQIBank facing liquidation, which could close that route for the issuer and Bitfinex. A forfeiture complaint is a filing rather than a finding of wrongdoing, and Bitcoin Insider noted that no individual is reported as charged and that such cases can take months or years to resolve. Tether's own estimate of its exposure is a very small share of group assets, so the significance for USDT itself appears limited.
Where the sources disagree
Names of the banks holding the funds
Wells Fargo Securities and JPMorgan Chase
Decrypt
Wells Fargo and Morgan Chase
Bitcoin.com News
The accounts are attributed to slightly different institutions in the two write-ups.
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.
amount recovered (frozen)
$550 million
CoinGape
$344 million
Crypto.News
CoinGape reports $550 million, Crypto.News reports $344 million (37% apart).
Key facts
The US Department of Justice filed a civil forfeiture complaint in the Eastern District of California, before Judge Dale A. Drozd, targeting Capstone Ltd.
Reported by Decrypt
The complaint says Capstone operated as an unlicensed money transmitter in at least six states and presented itself to banks as an IT services company.
Reported by Decrypt
Most of the targeted funds sat in a Wells Fargo Securities account, with smaller sums at JPMorgan Chase and in two USDT wallets.
Disputed figureReported by Decrypt
The complaint names Capstone owners Kotaro Shimogori and Mary Jeanne Thompson, and the FBI executed a search warrant at a Sacramento residence.
Reported by Decrypt
Capstone's attorney said the company denies wrongdoing and wants to resolve the matter quickly, the Financial Times reported.
Reported by Decrypt
Tether confirmed that EQIBank, the Dominica bank behind Capstone, processed its wire transfers, and said it had no knowledge of the conduct under investigation.
Reported by Decrypt
Bitcoin.com News, citing the Financial Times, reported that Capstone opened US bank accounts for Tether and Bitfinex and settled payments to hundreds of individuals and entities while unlicensed.
Reported by Bitcoin.com News
Bitcoin Insider noted that civil forfeiture complaints are filed in civil court, can proceed without any individual being charged, and can take months or years to resolve.
Reported by Bitcoin Insider
What happened
US prosecutors filed a civil forfeiture complaint on July 15 in the Eastern District of California, before Judge Dale A. Drozd, seeking $84.2 million held in accounts tied to Capstone Ltd., a Montana-based payment processor (Decrypt). The complaint says Capstone acted as an unlicensed money transmitter in at least six states and told banks it was an IT services company; the FBI searched a Sacramento residence, and owners Kotaro Shimogori and Mary Jeanne Thompson are named in the filing (Decrypt). Decrypt reported that most of the money sat in a Wells Fargo Securities account, with smaller sums at JPMorgan Chase and in two USDT wallets, and that Tether confirmed EQIBank, the Dominica bank behind Capstone, processed its wire transfers while saying it had no knowledge of the conduct under investigation. Bitcoin.com News, citing the Financial Times, said Capstone opened US bank accounts for Tether and Bitfinex and settled payments to hundreds of individuals and entities without a licence, that it turned elder-fraud cash into stablecoins, and that the case pushes EQIBank toward liquidation. Bitcoin.com News wrote that the DOJ seized the money and rounded the figure to $84 million, while Decrypt and Bitcoin Insider describe a pending forfeiture request rather than a completed seizure, and Bitcoin Insider said it could not confirm the underlying case details. Most of the other coverage in the set concerns a separate matter, Tether's disclosure that it froze Iran-linked USDT at the request of US authorities.
How the story developed
- First report
First report by Decrypt
US Prosecutors Want $84.2 Million From a Bank Tied to Tether
- Official statement
DOJ files civil forfeiture complaint against Capstone
Filed in the Eastern District of California before Judge Dale A. Drozd, targeting accounts tied to the Montana payment processor.
- Update
Financial Times reports Capstone's denial
Capstone's attorney said the company denies wrongdoing and hopes to resolve the matter quickly.
- Official statement
Tether confirms EQIBank processed its wire transfers
The issuer said it had no knowledge of the conduct under investigation and put its exposure at a very small share of group assets.
- Official statement
Official statement from Bitcoin.com News
DOJ Seizes $84M From Tether-Linked Payment Processor Capstone
- Update
Bitcoin.com News adds the Tether and Bitfinex account-opening details
Citing the Financial Times, it described Capstone's role for both companies, elder-fraud cash conversion and pressure on EQIBank.
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, 21:25 UTC: Decrypt — 1 independent source, 1 reports
- 26 Sept 2026, 00:20 UTC: Bitcoin.com News, official — 2 independent sources, 2 reports
- 28 Sept 2026, 00:14 UTC: Bitcoin Insider — 3 independent sources, 3 reports
- 28 Sept 2026, 14:40 UTC: CoinGape — 4 independent sources, 4 reports
- 28 Sept 2026, 16:36 UTC: Crypto.News — 5 independent sources, 5 reports
- 29 Sept 2026, 05:29 UTC: Cointelegraph — 6 independent sources, 9 reports
- 29 Sept 2026, 06:10 UTC: CryptoPotato — 7 independent sources, 10 reports
Affected entities
Also mentioned: Bitfinex, JPMorgan, Binance, USD Coin, Ethereum, Circle, Donald Trump
Original sources
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