New York judge orders Tether to document USDT backing

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New York judge orders Tether to document USDT backing
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Where are your papers, $USDT? A judge in NYC is ordering Tether to provide proof of backing their stablecoin.

against iFinex under the Racketeer Influenced and Corrupt Organizations Act and allegations related to racketeering or using the proceeds of racketeering for investments.agreed to pay $18.5 million for damages

to New York and submit to periodic reporting of their reserves in addition to stopping service to customers in the state. The settlement came after a 22-month inquiry into whether the company had been trying to cover up its losses — touted to be worth $850 million — by misrepresenting the degree to which its USDT reserves were backed by fiat collateral.

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