{"id":88696,"date":"2023-11-25T11:59:42","date_gmt":"2023-11-25T16:59:42","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/tether-and-bitfinex-settle-dispute-will-share-information-under-foil-request-heres-what-you-need-to-know\/"},"modified":"2023-11-25T11:59:46","modified_gmt":"2023-11-25T16:59:46","slug":"tether-and-bitfinex-settle-dispute-will-share-information-under-foil-request-heres-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=88696","title":{"rendered":"Tether and Bitfinex Settle Dispute, Will Share Information Under FOIL Request \u2013\u00a0Here&#8217;s What You Need to Know"},"content":{"rendered":"<div>\n<figure id=\"attachment_136470\" aria-describedby=\"caption-attachment-136470\" style=\"width: 640px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-136470\" class=\"wp-caption-text\">Source: AdobeStock<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Tether and Bitfinex have agreed to settle their dispute regarding a Freedom of Information Law (FOIL) request filed by a group of journalists, including Zeke Faux from Bloomberg Businessweek.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In a\u00a0<\/span><span data-preserver-spaces=\"true\">recent announcement<\/span><span data-preserver-spaces=\"true\">, Tether hailed the move as a step towards greater transparency in the industry.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">While Tether and Bitfinex have emphasized their commitment to transparency, they clarified that this does not mean a complete release of all their documents.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The companies stated that a wholesale release of all their documents would not align with standard business practices.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Nonetheless, their decision to drop opposition to the FOIL request shows a willingness to share information within certain boundaries.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This is not the first time Tether has faced a FOIL request.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In June 2021, CoinDesk filed a similar request pertaining to documents related to Tether\u2019s reserves during the New York Attorney General\u2019s inquiry.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Tether attempted to block the release of these documents but lost in court. CoinDesk joined the case to advocate for the documents\u2019 release, arguing that it was in the public interest.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Tether opposed CoinDesk\u2019s involvement, but a New York judge dismissed their opposition.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In their recent statement, Tether and Bitfinex expressed their willingness to engage constructively with journalists and regulatory authorities who adhere to ethical reporting standards and respect data privacy boundaries.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWe remain open to constructive engagement with journalists and regulatory authorities who adhere to ethical reporting standards and respect data privacy boundaries.\u201d<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">The Controversy Around USDT<\/span><\/h2>\n<p><span class=\"replacer\"><\/span><br \/><span data-preserver-spaces=\"true\">Tether\u2019s USDT is currently the largest stablecoin in the world, with a value of approximately $88.5 billion.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">It plays a crucial role in the cryptocurrency ecosystem by facilitating the movement of funds globally.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, concerns have been raised about the use of USDT in illicit activities.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Zeke Faux, in his book \u201cNumber Goes Up,\u201d highlighted instances of USDT being involved in scams, including \u201cpig butchering\u201d scams.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">It is worth noting that Tether and the U.S. Department of Justice\u00a0<\/span><span data-preserver-spaces=\"true\">recently announced the freezing of funds<\/span><span data-preserver-spaces=\"true\">\u00a0associated with such scams.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Furthermore, there has been some controvery surrounding the backing of Tether\u2019s USDT stablecoin.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">USDT is a type of stablecoin that is pegged to the value of the U.S. dollar, with the intention of providing stability and reliability in the volatile world of cryptocurrencies.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, questions have arisen regarding the extent to which USDT is actually backed by reserves.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Tether has claimed that each USDT token is backed on a one-to-one basis by U.S. dollars held in reserve.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, the lack of a transparent audit or regulatory oversight has fueled skepticism and led to accusations that Tether does not have sufficient reserves to fully back all the USDT in circulation.<\/span><\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/tether-and-bitfinex-settle-dispute-will-share-information-under-foil-request-heres-what-you-need-to-know.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: AdobeStock Tether and Bitfinex have agreed to settle their dispute regarding a Freedom of Information Law (FOIL) request filed by a group of journalists, including Zeke Faux from Bloomberg Businessweek.\u00a0 In a\u00a0recent announcement, Tether hailed the move as a step towards greater transparency in the industry. While Tether and Bitfinex have emphasized their commitment [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":88697,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-88696","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tether and Bitfinex Settle Dispute, Will Share Information Under FOIL Request \u2013\u00a0Here&#039;s What You Need to Know | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Source: AdobeStock Tether and Bitfinex have agreed to settle their dispute regarding a Freedom of Information Law (FOIL) request filed by a group of\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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