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 <p><span style="font-weight: 400">Initially filed in 2019 by LeboBTC co-founder Jason Leibowitz, the lawsuit alleges financial misconduct against Bitfinex and Tether. Consequently, the plaintiff class is </span><span style="font-weight: 400">seeking </span><span style="font-weight: 400">over $1.4 trillion in damages. The accusations range from bank fraud to money laundering. Tether, however, has firmly denied any wrongdoing.</span></p>  
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 <h2 id="tensions-rise-over-the-scope-of-ardoino-s-testimony">Tensions Rise Over the Scope of Ardoino’s Testimony</h2> 
 <p><span style="font-weight: 400">Besides financial </span><span style="font-weight: 400">misconduct</span><span style="font-weight: 400">, the lawsuit is probing into the sufficiency of Tether’s reserves. Previously, both parties clashed over what topics Ardoino’s deposition could cover. These include alleged gaps in trading records, the companies’ loan-making policies, and the wallets that held Tether’s reserves. Hence, the judge’s latest order specifies that Arduino must speak on undisputed topics only.</span></p>  
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 <p><span style="font-weight: 400">Significantly, Tether dominates the stablecoin market with a 64% share. Its current market capitalization sits at a whopping $83.6 billion. However, regulatory agencies in the U.S. have had concerns about Tether’s reserves. Last year, Tether and Bitfinex settled an investigation with the New York State Attorney General, resulting in a ban on their business activities in New York.</span></p> 
 <h2 id="court-cites-defendants-actions-for-lack-of-preparation">Court Cites Defendants’ Actions for Lack of Preparation</h2> 
 <p><span style="font-weight: 400">Judge Katherine Polk Failla had sharp words for the defendants, stating that any lack of preparation was “largely of their own doing.” Additionally, she expressed concerns about the lawsuit’s pace. She </span><span style="font-weight: 400">clarified</span><span style="font-weight: 400"> that adding one more topic since August shouldn’t significantly burden the defendants.</span></p>  
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 <p><span style="font-weight: 400">Consequently, market participants watch closely as Tether and Bitfinex navigate the convoluted legal landscape. What comes out of this week’s deposition could significantly impact these firms and the broader crypto market.</span></p> 
</div>  
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/tether-and-bitfinex-cto-to-testify-in-market-manipulation-suit-tbt62346.html">https://thebittimes.com/tether-and-bitfinex-cto-to-testify-in-market-manipulation-suit-tbt62346.html</a></p>

Tether and Bitfinex CTO to Testify in Market Manipulation Suit

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