Things are going from bad to worse for Tether (USDT) as the companys plea to New Yorks Supreme Court for permission to exclude the public from examining papers which describe the nature of Tethers reserves over the previous few years has now been denied.
According to Twitter user CryptoWhale, the New York Supreme Court recently denied Tether's petition to prevent the public from getting records outlining the composition of Tethers reserves much to the chagrin of the company. The decision was mostly based on the idea that Tether had shown a lack of transparency and honesty in the past.
In fact, about a year ago, the stablecoin issuer reportedly paid $18 and a half million for its involvement in Bitfinexs attempt to cover up a $850 million hole in the finances of its payment processor, Crypto Capital Corp.
According to New York Attorney General Letitia James, Bitfinex and Tether unlawfully covered up huge financial losses in order to keep their seemingly fraudulent operation running and ultimately safeguard their bottom lines.
Bad To Worse For Tether (USDT)
![](https://files.constantcontact.com/b44f1673801/36fe326d-1d01-41ed-bc76-d8e5be693dbc.png)
![](https://cryptoweekly.co/img/CryptoWeekly-Logo.png.webp)
Subscribe to the CryptoWeekly Newsletter
Get the top stories, funding deals, technical analysis, cryptocurrency jobs and much more delivered to your inbox, every Monday morning.
![](https://files.constantcontact.com/b44f1673801/007fb39e-64a1-44d1-97a3-6bb63fbe3ecc.jpg)
September 07,2024
Here Is How To Protect Yourself Against Crypto Hackers
![](https://files.constantcontact.com/b44f1673801/bcb9aa30-2af3-45c0-b0a6-695e0fe2811c.jpg)
September 06,2024
Telegram Users Can Now Report Illegal Content In Private Chats
![](https://files.constantcontact.com/b44f1673801/74acd2e6-5cca-423a-ac05-6c11afa3cb21.jpg)
September 06,2024
EigenLayer Will Redistribute 86 Million Tokens In Season 2 Airdrop
![](https://files.constantcontact.com/b44f1673801/b0ac91e4-071f-4ec7-8a19-00c9bbfe3050.jpg)
September 05,2024
Richard Teng Demands Tigran Gambaryan Be Released Immediately
![](https://files.constantcontact.com/b44f1673801/7f1d072f-aba9-438e-b837-dc87942c1fb8.jpg)
September 05,2024
Robinhood Being Forced To Pay Massive Fine For Previous Ban
![](https://files.constantcontact.com/b44f1673801/f804f702-8ce4-4eab-ad22-f68184cbd0d1.jpg)
September 04,2024
Hackers Promote Fraudulent Trump Family Project
![](https://files.constantcontact.com/b44f1673801/ef78b196-b83a-40f0-b7a5-6afc6d611299.jpg)
September 04,2024
John Deaton Challenges Elizabeth Warren After Clinching Republican US Senate Primary
![](https://files.constantcontact.com/b44f1673801/e7fa3941-2075-493f-977a-2d444234d2df.jpg)
September 03,2024
WazirX Hacker Moves Stolen Funds To Tornado Cash
![](https://files.constantcontact.com/b44f1673801/30e804d5-317b-4791-85a9-2789be796c1c.jpg)
September 03,2024
Here Is Why September Is A Crucial Month For Crypto
![](https://files.constantcontact.com/b44f1673801/f0400e30-e320-4f0c-9d1c-c88bed6ff723.jpg)
September 02,2024
A New Era For Cardano Begins As Chang Hard Fork Goes Live
![](https://files.constantcontact.com/b44f1673801/86254ea6-6147-4373-a42d-1952e8fa8803.jpg)
September 02,2024
BTC Miners Experience Worst Revenue Month Since September 2023
![](https://files.constantcontact.com/b44f1673801/1f8410b4-84a0-45f9-96cf-9873e5c22712.jpg)
September 02,2024