The issuer of the USDT stablecoin will be required to provide documents to determine the actual reserves in US dollars, including statements from banks and other institutions.
Also, the list of materials requested by the court includes accounting and management reporting data: accounting books, balance sheets, income statements, cash flow statements, profit and loss statements.
Last year, the New York Attorney General (NYAG) closed an investigation into Tether and its parent company Bitfinex in an $18.5 million settlement. Capital in the amount of $850 million.
The current investigation is underway against Tether on suspicion of market manipulation and artificially inflating the price of the cryptocurrency.
New York prosecutors have filed new charges against Tether that the company is issuing a crypto asset “completely unsecured and printed out of thin air” and that this “unsecured USDT” is being used to manipulate the market through multiple countertransfers between Tether, Poloniex and Bittrex structures. .
Tether’s attorney Elliott Greenfield of Debevoise & Plimpton asked the court to dismiss the “late and unsubstantiated request”, saying that the plaintiffs “have no good reason to request documents.”
However, Judge Katharine Polk Failla denied Greenfield’s request, saying the court agreed that the documents requested by the plaintiffs dealt with the substance of the charges against Tether.
Earlier, Tether reported that in the second quarter it reduced its holdings in securities by more than 58% – from $20 billion to $8.5 billion, while increasing the volume of cash and bank deposits by 32%.
Source: Bits
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