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Tether Told to Reveal Financial Details

Tether Told to Reveal Financial Details

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  • Tether has been ordered to disclose detailed financial transactions as part of a lawsuit
  • Stablecoin Issuer Sues Group of Traders Accusing It and Bitfinex of Market Manipulation
  • Tether tried to stop the order, but then claimed it had planned to release the documents anyway

Tether must provide a thorough report on its finances as part of a class action lawsuit against itself and some exchanges related to crypto market manipulation. The order requires Tether to produce “ledgers, balance sheets, income statements, cash flow statements and income statements” as well as information on all trades or transfers of cryptocurrencies or other stablecoins made by Tether, including information on the timing of those transactions. bargain. Tether had tried to complain that the request was “unreasonably burdensome,” but a judge disagreed, meaning Tether must make them.

The $1.4 Trillion Market Manipulation Case

The case itself dates back to October 2019, when a group of traders alleged that crypto exchange Bitfinex and its sister company Tether were manipulating the crypto market to the detriment of traders and to benefit themselves. The suit accuses them of deceptive, anti-competitive and market-manipulating practices that have caused the plaintiffs $1.4 trillion in financial damages.

The arguments largely align with a case filed in April 2019 by a New York court that alleged billions of USDT were minted and used to buy bitcoin to inflate the crypto market, fueling the 2017-2018 bull market and subsequent crash. In the traders’ complaint, they support the allegation that Bitfinex and Tether “misrepresented the 1:1 support of USDT with US dollars.”

Follow the money

Understandably, the plaintiffs want detailed information about Tether’s cash flows, but Tether’s representatives tried to argue that the request was “premature and unreasonable” and that producing such information was “incredibly overbroad, unduly burdensome and untailored to the parties’ claims and defenses in this action.”

However, the judge disagreed, stating that the documents sought “appear to relate to one of the plaintiffs’ central allegations: that the B/T defendants engaged in cyptocommodities transactions using unbacked USDT, and that these transactions “were strategically timed to inflate the market. “”

The motion also orders Tether to share information about the accounts it holds on crypto exchanges Bitfinex, Poloniex and Bittrex.

Tether says “We’ll do it anyway”

Despite trying to fight the show, Tether quickly issued a statement saying that it was actually no big deal. He called it a “routine discovery order” and tried to claim they had planned to hand over the documents. in any case:

We had already agreed to provide sufficient documentation to establish USDT supporting reserves and this dispute was only about the scope of documentation to be provided.

Of course, if this were true they wouldn’t have tried to fight it, but when it comes to Tether, when is anything really transparent?

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