Tether said New York has handed over financial documents to CoinDesk.
Tether said the New York Attorney General has handed over documents pertaining to the 2021 agreement with the state to CoinDesk. The documents contain details about Tether’s customers and bank statements.
Tether Commented on Documentation
Stablecoin issuer Tether said in a statement that the New York Attorney General provided information about the company’s affairs gathered during the 2021 agreement with the state to crypto media publication CoinDesk. In February 2021, the New York Attorney General (NYAG) agreed with Tether to cease operations among New York residents and pay a $18.5 million fine.
The investigation revealed that Tether occasionally lacked banking access and its stablecoin was not always backed by cash at a one-to-one ratio.
CoinDesk has filed a Freedom of Information Act request with the NYAG for documents collected during the investigation. Initially, Tether opposed this request, but has now reported that it has withdrawn its appeal. Tether claimed that the published documents are out of date and with information from their banks, the support structure of Tether’s stablecoin has changed in the last two years.
According to a source on the matter, the documents are known to contain the names of many private individuals who were customers of Tether at the time. Tether made the following statements in a blog post:
“The published information, when properly read and interpreted, only clearly demonstrates the legitimacy of Tether’s business and the existence of reserves.”
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