Paolo Ardoino, CTO of Tether (USDT), the world’s largest stablecoin issuer, will testify in court within the scope of the manipulation case that has been going on for 4 years.
Paolo Ardoino, CTO of Tether and cryptocurrency exchange Bitfinex by Benjamin Leibowitz 2019 in the year bitfinex And to Tether It was reported that he will testify in court this week within the scope of the class action lawsuit filed against him. Ardoino’s history of expression postponement attempt by the court denied. Ardoino is included in the case individual as well as institutional will testify.
Trial judge Katherine Polk Failla In recent history In the application submitted, it was stated that the parties disagreed on determining the date when Ardoino would testify. Plaintiffs 14 or September 15, 2023 While Tether wanted to take the corporate statement of the CTO on , the Tether side requested Ardoino’s 10 or 11 October 2023 He said he was available on the date. Also the CTO individual expression also Today It was decided to give.
At this point, the plaintiffs rejected the request made by Ardoino to postpone the date on which the statement would be taken. not accepted He argued that it should. Tether side, Ardoino to testify There is no time to prepare He claimed that the date should be postponed. However, the plaintiffs argued that Ardoino no need to prepare and this history is predetermined request for postponement by saying unnecessary He stated that they found it.
The plaintiffs also stated that if Ardoino’s testimony date is postponed, the case will be postponed. will suffer damages against the plaintiffs. He claimed. The following statements were used on the subject:
Contrary to defendants’ claims, delaying Ardoino’s testimony until October 10 or 11, 2023 would prejudice plaintiffs. The exploration process is scheduled to end on October 23, 2023. The court stated that it does not plan to extend the discovery program any further. The defendants also stated that they opposed any request for additional time.
In addition, the plaintiffs testified that Ardoino and his parties being caught off guard He said that they could not put the blame on the plaintiff’s side. According to the plaintiffs, Ardoino and the parties received notifications regarding the issue. July 18, 2023 Even though they received it on 11 August 2023 did not attempt any exchange of views until today.
The judge found Ardoino’s request unfair
After reviewing the parties’ requests, Judge Failla ruled that the request to postpone Ardoino’s testimony was rejected. unnecessary He decided it was. The judge ignored the arguments that there was not enough time to prepare for Ardoino’s statement. Defendants’ own fault He claimed that it was.
Judge Failla used the following statements in his decision regarding the issue:
Any burden placed on the Defendants is largely their own fault. The same goes for Ardoino’s individual expression. The subjects of this statement are not open to discussion.
Tether is accused of market manipulation
Matthew Script, Benjamin Leibowitz, Jason Leibowitz A group of plaintiffs, including names such as 2019 in the year Tether And to Bitfinex had opened. In this case, Tether was given free of charge in 2017. USDT pressing and manipulate the market was accused of doing so.
According to the lawsuit, Bitcoin December 2016 And December 2017 between the dates From 800 dollars to 20 thousand dollars Tether to go up to manipulation Bitcoin 3.5 thousand dollars dropped from the cryptocurrency market to levels 450 billion dollar caused it to be deleted.
In this context, Ardoino’s Tether records shortcomings, company’s credit policy And Hosting Tether reserves He was asked to testify on some matters related to