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Tether and Bitfinex CTO to Testify in $1.4 Trillion Lawsuit Amidst Allegations of Financial Misconduct and Insufficient Reserves

Paolo Ardoino, the CTO of Tether and Bitfinex, will testify in a class-action lawsuit this week. The lawsuit, filed in 2019 by LeboBTC co-founder Jason Leibowitz, alleges financial misconduct against both firms and seeks over $1.4 trillion in damages.

Tether denies any wrongdoing, but the lawsuit is also probing into the sufficiency of Tether's reserves. The judge has ordered that Ardoino must speak on undisputed topics only, and the outcome of the deposition could significantly impact these firms and the broader crypto market.

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