US Authorities Seize Capstone Accounts in Case Linked to Tether and Bitfinex

U.S. authorities freeze Capstone-linked bank accounts tied to Tether and Bitfinex in

U.S. authorities have seized funds from bank accounts connected to Capstone Ltd., a payment firm that prosecutors allege moved hundreds of millions of dollars for Tether and Bitfinex through Caribbean-based EQIBank, according to reporting cited by Coin Bureau.

The case involves about $84 million frozen in Capstone-linked accounts at Wells Fargo and JPMorgan Chase. The allegations concern how Capstone obtained access to the U.S. banking system and subsequently processed payments for customers of EQIBank.

The Financial Times report cited by Coin Bureau follows reporting from The Information, which said U.S. authorities seized roughly $90 million from Capstone accounts in July. Court filings indicate the accounts were held at Wells Fargo and JPMorgan Chase.

Capstone Accused of Misrepresenting Its Business

According to the reported court filings, Capstone presented itself to U.S. banks as an information technology company while using its accounts to move funds for EQIBank customers.

The Information reported that EQIBank turned to Capstone in 2024 to obtain access to the U.S. banking system. Capstone reportedly maintained banking relationships with major U.S. banks and offered to facilitate money transfers for the Caribbean bank's customers.

The Justice Department's allegations concern Capstone's conduct, rather than establishing wrongdoing by Tether or Bitfinex. A lawyer representing Capstone told The Information that the company denied wrongdoing and planned to challenge the government's seizure.

Tether and Bitfinex Say They Were EQIBank Customers

Tether confirmed that it was a customer of EQIBank but said it had no knowledge of the conduct alleged by the Department of Justice against Capstone.

Tether also said its assets held at EQIBank represented less than 0.034% of the group's assets. The company did not disclose a dollar amount in that statement.

Bitfinex and Tether have also said they were EQIBank customers but had no knowledge of Capstone's alleged misconduct, according to the information cited in the original Coin Bureau post.

The seizure has broader consequences for EQIBank. The Information reported that the bank said the seized funds represented about 80% of its monetary holdings and that the action left it facing a risk of collapse. EQIBank has sought to recover the seized assets through legal proceedings.

Separate Case Involved USDT and Elderly Victims

The reported investigation also connects Capstone to a separate case involving money allegedly stolen from elderly victims and subsequently converted into Tether's USDT stablecoin.

U.S. authorities have pursued numerous cryptocurrency-related forfeiture cases involving funds allegedly obtained through fraud and converted into USDT. In one 2025 case, the Justice Department sought forfeiture of more than $8.2 million in Tether connected to an investment fraud scheme, while court filings described losses suffered by victims.

The allegations involving financial Capstone remain part of ongoing legal proceedings. The reported seizure concerns funds held through Capstone-linked accounts, while Tether has publicly characterized its exposure to EQIBank as limited and denied knowledge of the alleged misconduct.

Writer: Victoria Hale
Technology & Blockchain Writer

Victoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.

She prioritises clarity and accuracy when explaining technical developments to a general audience.