Tether and Bitfinex CTO to Testify in Market Manipulation Suit
Initially filed in 2019 by LeboBTC co-founder Jason Leibowitz, the lawsuit alleges financial misconduct against Bitfinex and Tether. Consequently, the plaintiff class is seeking over $1.4 trillion in damages. The accusations range from bank fraud to money laundering. Tether, however, has firmly denied any wrongdoing. advertisement Tensions Rise Over the Scope of Ardoino’s Testimony Besides financial misconduct , the lawsuit is probing into the sufficiency of Tether’s reserves. Previously, both parties clashed over what topics Ardoino’s deposition could cover. These include alleged gaps in trading records, the companies’ loan-making policies, and the wallets that held Tether’s reserves. Hence, the judge’s latest order specifies that Arduino must speak on undisputed topics only. Significantly, Tether dominates the stablecoin market with a 64% share. Its current market capitalization sits at a whopping $83.6 billion. However, re...