Tether has responded to the news about the court order.
In the announcement made on Tether’s official website, it was stated that the order given by the court was a routine discovery process and was not sufficient to verify the allegations.
The description is as follows:
“The order in the Tether and Bitfinex case is a routine discovery order. This order in no way substantiates the plaintiffs’ unsubstantiated claims.
We have already agreed to submit documents proving reserves backing USDT. The dispute was over the scope of the documents. As always, we look forward to the plaintiffs dropping their groundless lawsuits when the time comes.”
This statement comes to mind, that Tether, which has been quite secretive about revealing its reserves, may choose to dismiss the case by agreeing with the other party instead of presenting these documents to the court. Because the Court wants a comprehensive report, and this does not suit Tether. Tether also emphasized in its statement that the dispute was about the scope of the documents.
The statement in Tether’s statement that “we expect the plaintiffs to give up their cases” is remarkable. Because when the subject was Tether and its reserves, and these documents had not yet been presented to the court, this statement raised questions about whether it would be an attempt for the plaintiffs to abandon their cases.
In the ongoing lawsuit regarding the use of USDT for artificial inflating and market manipulation of cryptocurrency prices, Judge asked Tether to prove what the USDT was backed by.
In her order to Failla Tether, Judge Katharine Polk requested that important documents be shared to leave no doubt that the USDT is backed by the US dollar.
Tether, which has to comply with the court order, will have to disclose in detail all its assets, including bank statements. The balance sheets, income statements and profit and loss statements of Tether, which is also a commercial company, are expected to be submitted to the court.
Although Tether claims that USDTs are supported by dollars in its quarterly reports, it is accused of not being transparent enough on this issue.
The allegations that Tether was not backed by dollars were investigated by the New York Attorney General’s Office, and Tether closed this investigation with an $18 million settlement.
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