{"id":36330,"date":"2022-09-21T08:00:49","date_gmt":"2022-09-21T12:00:49","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=36330"},"modified":"2022-09-21T08:00:53","modified_gmt":"2022-09-21T12:00:53","slug":"tether-ordered-to-produce-documents-showing-backing-of-usdt","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/tether-ordered-to-produce-documents-showing-backing-of-usdt\/","title":{"rendered":"Tether Ordered to Produce Documents Showing Backing of USDT"},"content":{"rendered":"\n<h5 class=\"wp-block-heading\" id=\"h-the-tether-order-is-related-to-a-lawsuit-that-is-still-going-on-the-lawsuit-says-that-unbacked-usdt-issuances-have-hurt-the-market-by-1-4-trillion\">The Tether order is related to a lawsuit that is still going on. The lawsuit says that <a href=\"https:\/\/www.google.com\/search?q=unbacked+USDT+issuances&sourceid=chrome&ie=UTF-8\" target=\"_blank\" rel=\"noreferrer noopener\">unbacked USDT issuances <\/a>have hurt the market by $1.4 trillion.<\/h5>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"747\" height=\"561\" src=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/09\/image-118.png\" alt=\"Tether Ordered to Produce Documents Showing Backing of USDT\" class=\"wp-image-36332\" srcset=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/09\/image-118.png 747w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/09\/image-118-300x225.png 300w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/09\/image-118-150x113.png 150w\" sizes=\"(max-width: 747px) 100vw, 747px\" \/><figcaption>Tether Ordered to Produce Documents Showing Backing of USDT<\/figcaption><\/figure>\n\n\n\n<p>A U.S. judge in New York has told Tether to show financial records about the <a href=\"https:\/\/coinscreed.com\/staging\/tether-plans-to-reduce-commercial-paper-backing-of-usdt-to-zero.html\" target=\"_blank\" rel=\"noreferrer noopener\">backing of USDT.<\/a> This is part of a lawsuit that says Tether worked with others to issue USDT as part of a plan to raise the price of bitcoin.<\/p>\n\n\n\n<p>The order says that Tether must produce &#8220;general ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements,&#8221; as well as records of any trades or transfers of cryptocurrency or other stablecoins by Tether, including information about when the trades happened.<\/p>\n\n\n\n<p>It also tells Tether to give details about the accounts it has at Bitfinex, Poloniex, and Bittrex.<\/p>\n\n\n\n<p>Attorneys for Tether tried to stop the order to release, saying that it was &#8220;incredibly overboard&#8221; and &#8220;unduly burdensome.&#8221; The judge, however, didn't agree, writing that the &#8220;documents Plaintiffs seek are without a doubt important.&#8221;<\/p>\n\n\n\n<p>Judge Katherine Polk Failla wrote, &#8220;The <a href=\"https:\/\/coinscreed.com\/staging\/coinbase-backed-crypto-investors-sue-treasury-over-tornado-cash-sanctions.html\" target=\"_blank\" rel=\"noreferrer noopener\">Plaintiffs<\/a> make it clear why they need this information: to figure out if USDT is backed by US dollars.&#8221;<\/p>\n\n\n\n<p>&#8220;The documents sought in the transactions RFPs seem to go to one of the Plaintiffs' main claims: that the\u2026 Defendants engaged in cyptocommodities transactions using unbacked USDT, and these transactions &#8220;were strategically timed to <a href=\"https:\/\/coinscreed.com\/staging\/vermonts-financial-regulator-says-celsius-and-its-ceo-made-false-and-misleading-claims.html\" target=\"_blank\" rel=\"noreferrer noopener\">inflate the market<\/a>,&#8221; the Judge said.<\/p>\n\n\n\n<p>At the same time, the <a href=\"https:\/\/coinscreed.com\/staging\/law-firms-serve-hacker-with-nft-restraining-order.html\" target=\"_blank\" rel=\"noreferrer noopener\">New York Supreme Court<\/a> is hearing a case to make the New York Attorney General release the documents he or she gathered while looking into Tether's reserves. This case involves a news correspondence.<\/p>\n\n\n\n<p>The New York Attorney General looked into Tether's reserves, and in February 2021, they reached a settlement for $18.5 million.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Tether order is related to a lawsuit that is still going on. The lawsuit says that unbacked USDT issuances have hurt the market by $1.4 trillion. A U.S. judge in New York has told Tether to show financial records about the backing of USDT. This is part of a lawsuit that says Tether worked [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":36332,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[71],"tags":[926,1103,2061],"class_list":["post-36330","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-stablecoins","tag-tether","tag-usdt"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/09\/image-118.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/36330","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=36330"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/36330\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/36332"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=36330"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=36330"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=36330"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}