US Court Orders Tether to Provide USDT Backing Financial Records

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. United States District Court for the Southern District of New York has now ordered stablecoin issuer Tether. Records with regards to crypto and stablecoin transfers by Tether with the timing of the trade execution will also need to be furnished. Tether’s motion to block the release of its financial records was dismissed by the presiding Judge even as the attorneys representing the stablecoin firm.