Tether and Bitfinex were accused of causing over $1 trillion in damages to the cryptocurrency market.
The lawsuit filed in 2019, which claims crypto exchange Bitfinex and its sister company Tether manipulated the crypto market to issue USDT to inflate Bitcoin’s price, has taken a new turn.
Records with regards to crypto and stablecoin transfers by Tether with the timing of the trade execution will also need to be furnished. While backing the request, the Judge also stated that the records are important to assess the backing of USDT with USD and to allow a forensic accountant to assess the stablecoin’s reserve.The market’s reliance on USDT has been a bone of contention for years, and the company behind it has faced heightened pressure from regulators, investors, economists, and growing legions of skeptics. In 2021, Tether reached a heftyof $18.