Tether’s Paolo Ardoino To Testify This Week in Market Manipulation Lawsuit
Bitfinex and Tether CTO Paolo Ardoino will be deposed this week as part of an ongoing class-action lawsuit against both businesses and their related executives.
Tether’s Paolo Ardoino Will Testify In Court
Bitfinex and Tether CTO Paolo Ardoino will be deposed this week as part of an ongoing class-action lawsuit against both businesses and their related executives.
On Monday, a New York judge denied Ardoino’s request to postpone his deposition until October. Counsel for the defendants contended that more time was required to appropriately prepare Ardoino.
The lawsuit, initiated by LeboBTC co-founder and CEO Jason Leibowitz in 2019, alleges that Bitfinex and Tether caused over $1.4 trillion in damages to the crypto market. The defendants, including Crypto Capital, are accused of financial misconduct, such as bank fraud and money laundering.
The topics of the depositions have been a source of disagreement between the two parties. The plaintiffs intend to investigate alleged gaps in trade records, loan-making practices, and Tether reserves. They want to know if the reserves were mixed in with other assets and how large Tether’s reserves are, which are important to the claims in the case.
Tether, the leading stablecoin in the crypto market, has denied the allegations of misconduct in a written statement posted on its website prior to the filing of the lawsuit.
Judge Katherine Polk Failla emphasized the court’s worries about the litigation’s pace and directed Ardoino’s testimony to address agreed-upon issues. She also indicated that any lack of preparation for the deposition by the defendants was largely their own fault.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
0 people liked this article
The post Tether’s Paolo Ardoino To Testify This Week in Market Manipulation Lawsuit appeared first on Crypto News Australia.
Filed under: Bitcoin - @ September 12, 2023 5:23 am