Tether company petitioned to protect trade secrets and prohibit disclosure of data on USDT reserves. The message was published against the background of the official joining from CoinDesk to a stablecoin issuer’s litigation with the New York State Attorney’s Office (NYAG).
In June, the news agency filed a request with NYAG for any documents regarding USDT reserves. In February, the department received this data during the settlement of a case on the company’s financial transactions related to the loss of $ 850 million.
An NYAG employee initially denied the publication’s request, but CoinDesk was granted access on appeal. Tether responded that disclosing such data would jeopardize its competitive advantage and petitioned for a ban on disclosure.
In a news agency notedthat the petition to appeal should be rejected as the public interest in this matter prevails over trade secrets.
Tether added that CoinDesk has a common investor with the stablecoin issuer Circle (USDC), the Digital Currency Group.
“CoinDesk’s coverage of its legal documents does not alert readers to this egregious conflict of interest. Using the media as a weapon is doing a disservice to the ecosystem, ”Tether said in a statement.
In August, auditing firm Moore Cayman confirmed 100% asset backing of USDT. However, the share of cash and bank deposits in reserves was 10%, and 49% of them consisted of commercial securities.
In October, research firm Hindenburg Research questioned the veracity of the USDT reserves and offered a $ 1 million reward for disclosing previously unknown information about them.
Recall that in the same month, the US Commodity Futures Trading Commission obliged Tether and Bitfinex to pay civil fines totaling $ 42.5 million.