Tether’s Bid to Conceal Reserve Gets Rejected By a U.S. Court

Tether’s (USDT) plea to the state of New York’s supreme court for permission to prevent the public from examining documents that describe the composition of Tether’s reserves over the last few years was denied. BREAKING: New York Supreme Court has REJECTED Tether’s petition to block the public from receiving documents detailing the composition of Tether’s reserves over the past few years.#Tether #Bitfinex $USDT pic.twitter.com/14ijOZnws7 — CryptoWhale (@CryptoWhale) May 16, 2022 Attorneys for the stablecoin issuer Tether and its parent company, iFinex, retaliated against CoinDesk in February by filing a lawsuit against the magazine with the New York attorney general’s office (NYAG), claiming: “The records at issue here include Bitfinex and Tether’s closely guarded, non-public internal records developed at considerable expense and could not be acquired by its competitors other than through this FOIL request.” According to CoinMarketCap data, Tether is the largest stablecoin issuer in the crypto markets, with more than $74 billion worth of tokens in circulation and accounting for nearly half of all Bitcoin transactions on controlled exchanges. NYAG receives $18.5 million from Tether The company paid the (NYAG) $18.5 million a year ago for its role in Bitfinex’s attempt to cover up an $850 million hole in its payment processor’s finances, Crypto Capital Corp. Bitfinex and Tether “recklessly and unlawfully covered up huge financia...