As part of a case that claims Tether colluded to create USDT as part of an effort to raise the price of bitcoin, a U.S. Judge in New York has ordered Tether to submit financial information relevant to the backing of USDT.
Tether is entitled to produce balance sheets, Income statements, cash flow statements, general ledger, and any trade or transfer of the cryptocurrency or other stablecoin by including the time the trade took place
Tether to disclose details concerning Bitfinex, Poloniex, and Bittrex
Additionally, it directs Tether to divulge information regarding its bitfinex bitfinex Centralised Exchange Followers : 0 View profile , poloniex poloniex Decentralised Exchange Followers : 0 View profile , and bittrex bittrex Centralised Exchange Followers : 0 View profile accounts. The presiding judge dissented, stating that the “records Plaintiffs seek are without a doubt relevant,” despite the fact that Tether’s counsel had tried to delay the order to disclose, calling it “extremely excessive” and “unduly burdensome.”
He went on to state, “The records requested in the transaction RFPs appear to relate to one of the Plaintiffs’ central claims: that the Defendants engaged in cryptocurrency transactions using unbacked USDT, and that those transactions “were purposefully timed to inflate the market.
In parallel, a case seeking the release of records amassed during the New York Attorney General’s inquiry into tether tether Stable Coin Followers : 0 View profile reserves is currently being heard by the New York Supreme Court.
The investigation of Tether’s reserves by the New York Attorney General was resolved in February 2021 with an $18.5 million settlement.This news has left Tether USDT trading at $1.00 with a trading volume of $49,011,085,575 and a market capitalization of $70,163,514,335. The total circulating supply in the market is $ 67.96B USDT according to the coinmarketcap.