Categories: News

Tether And Bitfinex CTO Will Be Deposed In $1.4 Trillion Lawsuit Deposition

Key Points:

  • Paolo Ardoino of Bitfinex and Tether faces deposition in a $1.4 trillion class-action lawsuit.
  • A New York judge denied a delay, putting pressure on the defense.
  • Tether, a major stablecoin player, faces ongoing regulatory scrutiny.
Bitfinex and Tether’s CTO, Paolo Ardoino, are set to play a crucial role in an ongoing class-action lawsuit against the two companies, according to a recent order by a New York judge.
Tether And Bitfinex CTO Will Be Deposed In $1.4 Trillion Lawsuit Deposition 2

The lawsuit, initiated in 2019 by Jason Leibowitz, co-founder of LeboBTC, alleges financial misconduct involving Bitfinex and Tether, with the plaintiff class seeking over $1.4 trillion in damages on charges ranging from bank fraud to money laundering.

Paolo Ardoino, who serves as the Chief Technology Officer for both companies, is scheduled to testify this week, despite a request from the defense to postpone his deposition until October. This denial by the judge has left the defense in a time crunch.

The lawsuit has been marked by disputes over the scope of topics that Ardoino’s deposition could cover, including alleged discrepancies in trading records, the companies’ loan policies, and the management of Tether’s reserves.

The recent court order specifies that Ardoino must address only undisputed topics during his deposition, which is set for Wednesday.

This legal battle, which began in 2019, alleges that two companies caused significant damage to the crypto market. Tether, which currently dominates the stablecoin market with a 64% share and boasts a market capitalization of over $83 billion, has repeatedly denied any wrongdoing.

Regulatory concerns regarding Tether’s reserves have arisen in the past, leading to a settlement with the New York State Attorney General and a subsequent ban on their business activities in New York.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Dogecoin Price Gets $5 Prediction, Shiba Inu To Rally 1,100%, And ETFSwap (ETFS) To Jump 135x

Here are the latest predictions for Dogecoin, Shiba Inu, and ETFswap.

2 hours ago

AVAX Hits $1B in DeFi, Cardano Expected to Surge—BlockDAG Leads with $110M Presale & 100% Bonus!

Discover BlockDAG's 100% bonus and $110M presale surge that’s sparking interest among crypto enthusiasts. Also,…

2 hours ago

Crypto Institutional Investors Move To ETFSwap (ETFS) Amid $500 Million Liquidity Injection Expectations

Discover why crypto investors are moving to ETFSwap (ETFS) as $500 million liquidity injection is…

5 hours ago

Buyers Rush to Maximise Gains with BlockDAG’s 100% Bonus Offer; Plus, ETH Holds Strong as Solana Challenges Rivals

Learn about BlockDAG's $110M presale achievement and the whopping 100% bonus offer, alongside Ethereum's growth…

7 hours ago

Thai Police Corruption Case Involving Officers and Extortion

Thai police corruption exposed as officers extort millions in USDT from a Chinese man under…

10 hours ago

SafePal Telegram Wallet Launches with Swiss Bank Accounts and CeDeFi

SafePal Telegram Wallet allows 950 million users to create compliant crypto-friendly Swiss bank accounts, integrating…

11 hours ago

This website uses cookies.