The Wall Street Journal Faces Defamation Lawsuit Over Tether-Bitfinex Article
A Thai-based aviation fuel broker and his company have filed a defamation lawsuit against The Wall Street Journal. Christopher Harborne, the owner of AML Global Ltd., filed the lawsuit in a Delaware state court on February 28, alleging that an article published by the newspaper falsely accused him and his company of involvement in illegal activities at stablecoin issuer Tether and crypto exchange Bitfinex.
False Accusations of Fraud, Money Laundering, and Financing Terrorism
The contentious article, titled โCrypto Companies Behind Tether Used Falsified Documents and Shell Companies to Get Bank Accounts,โ was published in March 2023. It reported on Tether and Bitfinexโs struggles with maintaining access to the global banking system and suggested that they resorted to using shadowy intermediaries, falsified documents, and shell companies to regain access. The Wall Street Journal also claimed that some of these accounts were involved in illegal activities.
Wall Street Journal Article Included Harborne and AML in Article
The original version of the article included several paragraphs that mentioned Harborne and AML. However, a week before the lawsuit was filed, an editorโs note was added stating that the section about Harborne and AML had been removed to avoid implying their involvement in misleading banks or the withholding or falsification of information during the account application process.
In response to the lawsuit, a spokesperson for The Wall Street Journal stated that the disputed section had been removed from the article after receiving a dispute from Harborneโs counsel. They also added an editorโs note in accordance with their editorial standards. The spokesperson further noted that the lawsuit contained inaccuracies and distortions and that The Wall Street Journal is committed to a strong legal defense.
Harborne clarified in the lawsuit that while he does have a 12% ownership stake in Bitfinex, it is a result of the companyโs reimbursement plan for customers affected by a 2016 hack of the exchange. He emphasized that he has never held a management or executive role at Bitfinex or Tether and is merely a minority shareholder.
WSJ Publishes False Information About Cryptoโs Role in Illicit Financing
Last year, The Wall Street Journal published an article titled โHamas Militants Behind Israel Attack Raised Millions in Crypto,โ alleging that Hamas raised over $130 million in cryptocurrency between August 2021 and June 2022. The article was even referenced by US lawmakers, including Senator Elizabeth Warren, who co-signed a letter with over 100 members of Congress urging the White House and Treasury Department to crack down on cryptocurrencies due to their alleged use in funding Hamas operations.
However, blockchain analytics company Elliptic refuted claims that Hamas received millions in crypto donations in the months leading up to its attack on Israel. Elliptic stated in a blog post that there is โno evidence to support the assertion that Hamas has received significant volumes of crypto donations.โ
Hot Take: Upholding Journalistic Integrity Amidst Legal Challenges ๐
The Wall Street Journal is currently facing a defamation lawsuit over an article that allegedly made false accusations against Christopher Harborne and his company AML Global Ltd. While the disputed section about Harborne and AML has been removed from the article, the legal battle highlights the importance of upholding journalistic integrity and ensuring accurate reporting.
As readers, itโs crucial to critically evaluate news articles and be aware of potential biases or inaccuracies. The crypto industry, like any other sector, deserves fair and accurate coverage to foster trust and transparency. Letโs continue to demand responsible journalism and hold media outlets accountable for their reporting.
Wyatt Newson emerges as a luminary seamlessly interweaving the roles of crypto analyst, dedicated researcher, and editorial virtuoso. Within the dynamic canvas of digital currencies, Wyatt’s insights resonate like vibrant brushstrokes, capturing the attention of curious minds across diverse landscapes. His ability to untangle intricate threads of crypto intricacies harmonizes effortlessly with his editorial mastery, transmuting complexity into a compelling narrative of comprehension.