<![CDATA[<figure class="image"><img src="https://cimg.co/news/124737/329512/adobestock-474455787-edit.jpg" srcset="https://cimg.co/news/124737/329512/responsive-images/adobestock-474455787-edit___media_library_original_1200_800.jpg 1200w, https://cimg.co/news/124737/329512/responsive-images/adobestock-474455787-edit___media_library_original_900_600.jpg 900w, https://cimg.co/news/124737/329512/responsive-images/adobestock-474455787-edit___media_library_original_720_480.jpg 720w, https://cimg.co/news/124737/329512/responsive-images/adobestock-474455787-edit___media_library_original_600_400.jpg 600w, https://cimg.co/news/124737/329512/responsive-images/adobestock-474455787-edit___media_library_original_300_200.jpg 300w" width="1200" class="content-img" alt=""><figcaption>Source: Adobe / Igor Faun</figcaption></figure>Paolo Ardoino &ndash; the outspoken CTO of Tether and Bitfinex &ndash; 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 <a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.524076/gov.uscourts.nysd.524076.446.0.pdf">rejected</a> by the court.&nbsp;On Friday, legal counsel for the stablecoin issuer and crypto exchange respectively had first <a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.524076/gov.uscourts.nysd.524076.440.0.pdf">asked</a> for Ardoino&rsquo;s deposition to be delayed until early October, arguing that he was given too little time to prepare.&ldquo;The defendants simply want to ensure that Mr. Ardoino is adequately prepared to serve as a designee on multiple topics,&rdquo; the companies&rsquo; lawyers wrote in a letter to the court. &ldquo;The deposition topics were not clarified until September 7 &ndash; only three business days before Mr. Ardoino&rsquo;s Rule 30(b)(6) deposition.&rdquo;Plaintiffs countered with a follow-up letter, asserting that Ardoino &ldquo;is indisputably available&rdquo; and &ldquo;does not need to be prepared to testify outside of his personal knowledge.&rdquo;SDNY district court judge Katherine Polk Failla ultimately agreed with the latter. &ldquo;This Order did nothing but maintain the status quo as to the undisputed topics,&rdquo; she wrote, stating that the defendants should have been sufficiently prepared for those topics by now.<h2 id="tether-and-market-manipulation">Tether and Market Manipulation</h2>Filed in 2019 by LeboBTC CEO Jason Leibowitz, the lawsuit accuses <a href="https://cryptonews.com/news/crypto-exchange-bitfinex-diversifies-adds-bitcoin-balance-sheet.htm">Bitfinex</a> 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.In anticipation of the lawsuit, Tether published a statement one day prior denying any such claims, asserting that the case was based on a &ldquo;bogus study.&rdquo;Plaintiffs and defendants have disputed the topics worth discussing during Ardoino&rsquo;s testimony, including the loss and destruction of key trading documents, their loan policies, and wallets holding Tether&rsquo;s flagship stablecoin, USDT.As stated in a partially redacted <a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.524076/gov.uscourts.nysd.524076.426.0.pdf">court filing</a> from late August:<blockquote>&ldquo;Plaintiffs need to determine if accounts that [the defendants] contend held USDT reserves were commingled with other assets, and to assess the sufficiency of Tether&rsquo;s reserves&mdash;issues at the heart of the allegations in this case.&rdquo;</blockquote>As of June 30, 2023, Tether maintained that the current USDT supply &ndash; representing $82 billion tokens &ndash; is more than fully backed, boasting $3 billion in <a href="https://cryptonews.com/news/tethers-q2-results-33-billion-excess-reserves-surpassing-1-billion-operational-profits.htm">excess reserves</a>.&nbsp;
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Bitfinex and Tether CTO Faces Deposition in Market Manipulation Case – Here's the Latest

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