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The U.S. Department of Justice (DOJ) recently won a court ruling that the Chief Technology Officer (CTO) of crypto exchange Bitfinex and its affiliated stablecoin issuer Tether must face deposition in an ongoing investigation into potential market manipulation.
The CTO, Paolo Ardoino, had initially requested to not provide a sworn deposition in the case, however the ruling denies his request and states that Ardoino must face deposition within the next two weeks. The legal documents also state that the outcome of the investigation could directly impact the crypto industry as a whole.
Little else is known about the specifics of the case, however given the large scope and the fact that the DOJ is involved, the outcome of the investigation could have far-reaching implications. While the ruling only requires Ardoino to face deposition, it could reveal more details about the exchanges’ potential involvement in possible market manipulation schemes.
In the meantime, both Bitfinex and Tether have denied the allegations, claiming that they adhere to regulations and are in full compliance with applicable laws. They have previously stated that any accusations of market manipulation are without merit, however the case continues to suggest otherwise.