Tether’s Paolo Ardoino To Testify This Week in Market Manipulation Lawsuit

Crypto News

Bitfinex and Tether CTO Paolo Ardoino will be deposed this week as part of an ongoing class-action lawsuit against both businesses and their related executives.

Tether’s Paolo Ardoino Will Testify In Court

Bitfinex and Tether CTO Paolo Ardoino will be deposed this week as part of an ongoing class-action lawsuit against both businesses and their related executives.

On Monday, a New York judge denied Ardoino’s request to postpone his deposition until October. Counsel for the defendants contended that more time was required to appropriately prepare Ardoino.

The lawsuit, initiated by LeboBTC co-founder and CEO Jason Leibowitz in 2019, alleges that Bitfinex and Tether caused over $1.4 trillion in damages to the crypto market. The defendants, including Crypto Capital, are accused of financial misconduct, such as bank fraud and money laundering.

The topics of the depositions have been a source of disagreement between the two parties. The plaintiffs intend to investigate alleged gaps in trade records, loan-making practices, and Tether reserves. They want to know if the reserves were mixed in with other assets and how large Tether’s reserves are, which are important to the claims in the case.

Tether, the leading stablecoin in the crypto market, has denied the allegations of misconduct in a written statement posted on its website prior to the filing of the lawsuit.

Judge Katherine Polk Failla emphasized the court’s worries about the litigation’s pace and directed Ardoino’s testimony to address agreed-upon issues. She also indicated that any lack of preparation for the deposition by the defendants was largely their own fault.

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