Tether to submit all necessary documentation to show that all USDT put into circulation are properly hedged


A US judge sent the order

The request came as part of the hearing in case 1:19-cv-09236-KPF taking place in the US District Court for the Southern District of New York.

The case is between Leibowitz and iFinex, with plaintiffs Benjamin Leibowitz, Pinchas Goldshtein, Jason Leibowitz, David Leibowitz, and Aaron Leibowitz v. BFXNA Inc, Tether International Limited, Ludovico Jan van der Velde, Tether Holdings Limited, iFinex Inc, Philip G. Potter , Tether Limited, Crypto Capital Corp, Reginald Fowler, Tether Operations Limited, Giancarlo Devasini, DigFinex Inc, Global Trade Solutions AG, and BFXWW Inc.

The case continues from October 2019, when the plaintiffs accused Bitfinex and Tether of manipulating the Bitcoin market in late 2017 to increase its value.

The three potential scenarios for Tether

At this point, the possible scenarios seem to be only three.

 1.Tether presents all the documentation, and this proves that the values already revealed by previous audits are correct.
 2.Tether submits all documentation, but this shows that the actual values differ from those already revealed in previous audits.
 3.Tether does not present the complete documentation risking the wrath of the judge.

As far as is known, the first scenario, which would put an end to a years-long problem, would seem more plausible. But if the third, or even worse, the second scenario were to happen, it could spell trouble for the crypto market.

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