The account where the cash sits
US prosecutors seized money in Capstone accounts at Wells Fargo and JPMorgan Chase. EQIBank describes the seized sum as about 89 million dollars, about 80 per cent of its monetary holdings, and says that puts the bank at risk of liquidation.[1]
Tether said assets at EQIBank are less than 3.4 basis points of group assets, and that it had no knowledge of the Department of Justice allegations against Capstone. CoinDesk reported the June group-asset figure of 187.75 billion dollars and calculated that share at roughly 64 million dollars.[1]
Where the loss can stop
The stated ceiling leaves the cash loss in EQIBank's till. A 3.4 basis-point share is a small slice of 187.75 billion dollars of group assets. The other path is the one EQIBank already described: most of the seized money belonged to its customers. If customer wires used that channel, the payment line still depends on EQIBank even when the reserve share stays small.[1]
Where the ceiling gets tested
The signal is a later Tether attestation that names a dollar amount for EQIBank, or a statement from the bank that it has entered liquidation. The 3.4 basis-point ceiling cannot be measured until that amount is written down. Roughly 64 million dollars is CoinDesk's multiplication of the June asset total, not a figure Tether published.[1]