U.S. Judge Demands Tether Prove Cash Reserves

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As part of legal proceedings regarding a market manipulation case dating back to 2019, Judge Catherine Polk Fila of the U.S. District Court for the Southern District of New York has ordered Tether’s parent company to produce financial records of its stablecoin, USDT.

The lawsuit stems from a complaint filed by a group of investors against Tether and iFinex, the operating entity of the cryptocurrency exchange Bitfinex. The plaintiffs allege that the operators issued unsecured USDT in order to inflate the prices of various cryptocurrencies and manipulate the market.

According to available court documents, a New York judge decided to accept the plaintiffs’ request for production (RFP), requiring iFinex to release “any and all general ledgers, balance sheets, income statements, and cash flow statements.”

“The Court finds that Plaintiff’s RFP for financial records is not overly broad, particularly given that Defendants had the opportunity to prepare a sample RFP for financial records, but failed to do so despite Plaintiff’s agreement to such a proposal.” The judge stated in his order.

The judge stated that “Plaintiffs have clearly explained why they need the information in order to evaluate USDT’s supporting documentation and to have a forensic accountant evaluate USDT’s reserves.”
In response to the order, Debevoise & Plimpton, a New York law firm representing iFinex, said the plaintiffs’ request shows “a failure to vigorously prosecute their case and an unwillingness to tailor their clearly excessive request to documents relevant to their claims.” Id.

Based on that, the defendants’ law firm asked the court to deny the plaintiffs’ request because it is “unduly burdensome on its face, given that Tether is the issuer of the stablecoin and Bitfinex is the cryptocurrency exchange.”

》Chinese Version

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