Katherine Polk Failla, a New York judge, has ordered Tether to reveal the financial documents that prove its backing of the stablecoin.
- Tether is required to provide the United States District Court for the Southern District of New York with “general ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.” The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.
- Tether has avoided providing these documents as they are “sensitive”, although Failla justified the plaintiffs require the documents “to asses the backing of USDT with US dollars…The documents sought in the transactions RFPs appear to go to one of Plaintiffs’ core allegations: that the B/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions “were strategically timed to inflate the market.’”
- Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case against iFinex started in 2019 – the company behind Bitfinex and Tether.
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