U.S. court rejects Tethers bid to conceal reserve records from the public U.S. court rejects Tethers bid to conceal reserve records from the public

U.S. court rejects Tethers bid to conceal reserve records from the public

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– The petition that Tether (USDT) presented to the supreme court of the state of New York asking permission to block the public from viewing documents that explain the composition of Tethers reserves over the last few years has been refused.

– In particular, the decision and order on motion with the leave to file decision was posted by Crypto Whale, who tweeted the documents on May 17.

– Tether is the biggest stablecoin issuer in the crypto markets, with more than $74 billion worth of tokens in circulation and accounting for almost half of all transactions against Bitcoin on centralized exchanges, according to CoinMarketCap data.

– A year ago, the company paid $18.5 million to the (NYAG) for its role in Bitfinexs effort to cover up an $850 million hole in its payment processor, Crypto Capital Corp.s finances.

– In a statement published on February 4, Tether said: The settlement specified what information should be disclosed publicly (such as a breakdown of Tethers reserves by category) and what should be disclosed privately to NYAG (such as particular investment details). The private aspects are those that no business would publish for the competition to exploit.

– In August, Tether and iFinex, which also owns the cryptocurrency exchange Bitfinex, petitioned the New York State Supreme Court to prevent the office of the states attorney general from supplying CoinDesk with records showing its reserves.

 

 

U.S. court rejects Tethers bid to conceal reserve records from the public U.S. court rejects Tethers bid to conceal reserve records from the public
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