USDT is again in a class action lawsuit over the U.S. dollar reserve dispute

Time:2021-12-30 Source: 1124 views Trending Copy share


The US dollar stablecoin issuer Tether has been sued again. This time, the plaintiffs Matthew Anderson and Shawn Dolifka filed a class action lawsuit in the U.S. District Court for the Southern District of New York. According to the indictment document, the plaintiff accused Tether, Bitfinex and its parent company iFinex of committing illegal and deceptive acts, and also accused the defendant of falsely claiming that the stablecoin had sufficient US dollar reserves to support one dollar against one stablecoin, and also blocked The following failed to accept the news of routine review.

"The unfair and deceptive acts and practices that the defendant has done in the above are immoral, undecent, oppressive and unscrupulous."

The plaintiff also claimed that Tether violated the contract signed with the participants, and also claimed that, such as the above behaviors, they believe that they are entitled to compensation and indirect damages, and the amount of compensation will be determined during the trial. .

The plaintiff members even stated that if they had known all the undisclosed facts about Tether's internal operations, they would not buy or even use less money to buy tokens; at the same time, they were also seeking currency under the law. Or non-monetary relief.

Tether strikes back: shameless means of stealing money

Regarding the plaintiff's above description, Tether is not to be outdone, not only calling its lawsuit nonsense, but also saying that it will sue this baseless claim.

The company issued a statement on the 13th stating: Last Friday, the two plaintiffs and their law firm filed another meaningless lawsuit and hoped to obtain huge compensation through completely baseless allegations. Their efforts will fail in the end. It is simply a shameless means of stealing money. This lawsuit is like a textbook example, and it is not worth even getting a satoshi. Bitfinex and Tether will file a lawsuit in due course and demand monetary damages from the plaintiff.

Tether litigation frequently

This controversial stablecoin company is no stranger to legal battles, and the company has faced many lawsuits in the past.

According to previous reports, as early as February of this year, New York Attorney General Letitia James announced that a three-year-old legal dispute had reached a settlement agreement, but Bitfinex and Tether must meet: payment of 18.5 million The settlement of the US dollar, the submission of a reserve report to NYAG quarterly for the next two years, and the departure from New York are three conditions.

In October of this year, the CFTC received a heavy fine of 41 million U.S. dollars because of Tether's misleading statement about the US dollar stable currency USDT.

On the same day, the cryptocurrency exchange Bitfinex was also accused of illegally engaging in over-the-counter transactions of digital assets with U.S. nationals on the platform, and it was conducted without a registered futures commission merchant (FCM). The CFTC pointed out that this action violated U.S. law and the settlement agreement reached by Bitfinex, and that it issued a fine of 1.5 million U.S. dollars for the combined total of 42.5 million U.S. dollars.

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