Bad To Worse For Tether (USDT)
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&39s 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.
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