New York judge asks Tether for financial record for USDT



New York judge asks Tether for financial record for USDT

US District Court for the Southern District of New York Judge Katherine Polk Failla told Tether stablecoin He ordered Tether (USDT) to prove its full support of the name. The documents the court requested from Tether included general ledgers, balance sheets, income statements, cash flow statements and profit and loss statements.

The court order was issued on Tuesday, September 20, as part of the trial that began in 2019. A group of investors in the lawsuit in 2019; iFinex claimed that Tether and Bitfinex’s parent company manipulated the crypto market by issuing unsupported Tether to inflate the price of cryptocurrencies like Bitcoin (BTC).

The US District Court for the Southern District of New York denied requests to block the order on the grounds that the company had previously prepared enough documents for the “Commodity Futures Trading Commission” and the New York Attorney General. Polk Failla also found that plaintiffs’ claims for important documents were well-founded because they “seemed to go to one of the plaintiffs’ main claims.”

Related: Tether USDT stablecoin goes live on Near Protocol to boost DeFi presence

Failla had previously dismissed plaintiffs’ claims against iFinex under the Fraud Influenced and Corrupt Organizations Act in September 2021, and claims regarding extortion or the use of racketeering proceeds for investments.

In February 2021, in another lawsuit settled with the New York Attorney General’s Office, iFinex agreed to pay the State of New York a fine of $18.5 million for damages and to cease services to customers in the state, as well as periodically report on its reserves. In addition, the agreement; It came after a 22-month investigation into whether the company had tried to cover its losses by finding it wrong to back up its USDT reserves, said to be worth $850 million, with fiat collateral.

Soruce : https://tr.cointelegraph.com/news/new-york-judge-orders-tether-to-document-usdt-backing

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