{"id":60201,"date":"2023-09-12T20:46:56","date_gmt":"2023-09-13T00:46:56","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/bitfinex-and-tether-cto-faces-deposition-in-market-manipulation-case-heres-the-latest\/"},"modified":"2023-09-12T20:46:58","modified_gmt":"2023-09-13T00:46:58","slug":"bitfinex-and-tether-cto-faces-deposition-in-market-manipulation-case-heres-the-latest","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=60201","title":{"rendered":"Bitfinex and Tether CTO Faces Deposition in Market Manipulation Case \u2013 Here’s the Latest"},"content":{"rendered":"
\n

Paolo Ardoino \u2013 the outspoken CTO of Tether and Bitfinex \u2013 is set to testify this week as part of a years-long class action lawsuit against both exchanges after the executive’s attempt to delay deposition was rejected by the court.\u00a0<\/p>\n

On Friday, legal counsel for the stablecoin issuer and crypto exchange respectively had first asked for Ardoino\u2019s deposition to be delayed until early October, arguing that he was given too little time to prepare.<\/p>\n

\u201cThe defendants simply want to ensure that Mr. Ardoino is adequately prepared to serve as a designee on multiple topics,\u201d the companies\u2019 lawyers wrote in a letter to the court. \u201cThe deposition topics were not clarified until September 7 \u2013 only three business days before Mr. Ardoino\u2019s Rule 30(b)(6) deposition.\u201d<\/p>\n

Plaintiffs countered with a follow-up letter, asserting that Ardoino \u201cis indisputably available\u201d and \u201cdoes not need to be prepared to testify outside of his personal knowledge.\u201d<\/p>\n

SDNY district court judge Katherine Polk Failla ultimately agreed with the latter. \u201cThis Order did nothing but maintain the status quo as to the undisputed topics,\u201d she wrote, stating that the defendants should have been sufficiently prepared for those topics by now.<\/p>\n

Tether and Market Manipulation<\/h2>\n

Filed in 2019 by LeboBTC CEO Jason Leibowitz, the lawsuit accuses Bitfinex and Tether of having caused $1.4 trillion in damages to the crypto market through a combination of bank fraud, money laundering, and market manipulation.<\/p>\n

In anticipation of the lawsuit, Tether published a statement one day prior denying any such claims, asserting that the case was based on a \u201cbogus study.\u201d<\/p>\n

Plaintiffs and defendants have disputed the topics worth discussing during Ardoino\u2019s testimony, including the loss and destruction of key trading documents, their loan policies, and wallets holding Tether\u2019s flagship stablecoin, USDT.<\/p>\n

As stated in a partially redacted court filing from late August:<\/p>\n

\n

\u201cPlaintiffs need to determine if accounts that [the defendants] contend held USDT reserves were commingled with other assets, and to assess the sufficiency of Tether\u2019s reserves\u2014issues at the heart of the allegations in this case.\u201d<\/p>\n<\/blockquote>\n

As of June 30, 2023, Tether maintained that the current USDT supply \u2013 representing $82 billion tokens \u2013 is more than fully backed, boasting $3 billion in excess reserves.\u00a0<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Paolo Ardoino \u2013 the outspoken CTO of Tether and Bitfinex \u2013 is set to testify this week as part of a years-long class action lawsuit against both exchanges after the executive’s attempt to delay deposition was rejected by the court.\u00a0 On Friday, legal counsel for the stablecoin issuer and crypto exchange respectively had first asked […]<\/p>\n","protected":false},"author":1,"featured_media":60202,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-60201","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nBitfinex and Tether CTO Faces Deposition in Market Manipulation Case \u2013 Here's the Latest | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Paolo Ardoino \u2013 the outspoken CTO of Tether and Bitfinex \u2013 is set to testify this week as part of a years-long class action lawsuit against both exchanges\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=60201\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitfinex and Tether CTO Faces Deposition in Market Manipulation Case \u2013 Here's the Latest | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Paolo Ardoino \u2013 the outspoken CTO of Tether and Bitfinex \u2013 is set to testify this week as part of a years-long class action lawsuit against both exchanges\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=60201\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-13T00:46:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-13T00:46:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/09\/adobestock-474455787-edit.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=60201#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=60201\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Bitfinex and Tether CTO Faces Deposition in Market Manipulation Case \u2013 Here’s the Latest\",\"datePublished\":\"2023-09-13T00:46:56+00:00\",\"dateModified\":\"2023-09-13T00:46:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=60201\"},\"wordCount\":378,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Crypto\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=60201#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=60201\",\"url\":\"https:\/\/ifintechworld.com\/?p=60201\",\"name\":\"Bitfinex and Tether CTO Faces Deposition in Market Manipulation Case \u2013 Here's the Latest | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-09-13T00:46:56+00:00\",\"dateModified\":\"2023-09-13T00:46:58+00:00\",\"description\":\"Paolo Ardoino \u2013 the outspoken CTO of Tether and Bitfinex \u2013 is set to testify this week as part of a years-long class action lawsuit against both exchanges\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=60201#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=60201\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=60201#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Bitfinex and Tether CTO Faces Deposition in Market Manipulation Case \u2013 Here’s the Latest\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Bitfinex and Tether CTO Faces Deposition in Market Manipulation Case \u2013 Here's the Latest | iFintechWorld","description":"Paolo Ardoino \u2013 the outspoken CTO of Tether and Bitfinex \u2013 is set to testify this week as part of a years-long class action lawsuit against both exchanges","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=60201","og_locale":"en_US","og_type":"article","og_title":"Bitfinex and Tether CTO Faces Deposition in Market Manipulation Case \u2013 Here's the Latest | iFintechWorld","og_description":"Paolo Ardoino \u2013 the outspoken CTO of Tether and Bitfinex \u2013 is set to testify this week as part of a years-long class action lawsuit against both exchanges","og_url":"https:\/\/ifintechworld.com\/?p=60201","og_site_name":"iFintechWorld","article_published_time":"2023-09-13T00:46:56+00:00","article_modified_time":"2023-09-13T00:46:58+00:00","og_image":[{"width":1200,"height":800,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/09\/adobestock-474455787-edit.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=60201#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=60201"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Bitfinex and Tether CTO Faces Deposition in Market Manipulation Case \u2013 Here’s the Latest","datePublished":"2023-09-13T00:46:56+00:00","dateModified":"2023-09-13T00:46:58+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=60201"},"wordCount":378,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Crypto"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=60201#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=60201","url":"https:\/\/ifintechworld.com\/?p=60201","name":"Bitfinex and Tether CTO Faces Deposition in Market Manipulation Case \u2013 Here's the Latest | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-09-13T00:46:56+00:00","dateModified":"2023-09-13T00:46:58+00:00","description":"Paolo Ardoino \u2013 the outspoken CTO of Tether and Bitfinex \u2013 is set to testify this week as part of a years-long class action lawsuit against both exchanges","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=60201#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=60201"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=60201#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Bitfinex and Tether CTO Faces Deposition in Market Manipulation Case \u2013 Here’s the Latest"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/60201","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=60201"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/60201\/revisions"}],"predecessor-version":[{"id":60203,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/60201\/revisions\/60203"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/60202"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=60201"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=60201"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=60201"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}