At present dealing with a number of lawsuits, cryptocurrency stablecoin issuer Tether (USDT) obtained a request from prosecutors asking for consol
At present dealing with a number of lawsuits, cryptocurrency stablecoin issuer Tether (USDT) obtained a request from prosecutors asking for consolidation, combining three lawsuits into one, which Tether has not denied.
“We didn’t oppose the plaintiffs’ requests to mix these frivolous claims, initially filed, respectively, in October in New York, in November in Washington and in January in New York,” reads a Tether assertion shared with Cointelegraph by way of e-mail on Jan. 17, 2020.
A number of lawsuits
Varied events have suspected Tether, alongside associated alternate Bitfinex, of foul play numerous occasions over their years in existence.
One of the vital current ordeals on the topic purports that Tether and Bitfinex allegedly induced Bitcoin’s bull run of 2017 by finishing up unlawful actions.
Consequently, three lawsuits towards Tether surfaced, which now could also be mixed right into a single prosecution.
Request for consolidation
Authorized counsel for the lawsuits — Leibowitz, Younger and Faubus — filed a letter with the presiding decide on Jan. 16 requesting a merger of the three disputes.
The letter included that the talked about lawsuits overlap in a number of areas, sharing similarities which can permit for consolidation.
Tether’s assertion to Cointelegraph famous a further declare pending: “A fourth class motion was additionally filed in New York yesterday, which we anticipate might be consolidated with the earlier three actions,” the assertion learn, earlier than dismissing the lot: “None of those instances current meritorious claims.”
Feedback on legitimacy
Moreover, Tether claimed that the prosecutors’ analysis is wrong, explaining:
“That analysis deploys preselected information to retrofit a desired narrative and demonstrates a patent misunderstanding of the cryptocurrency market and the demand that drives purchases of Tether.”
“Tether will proceed to defend the digital token ecosystem and the numerous contributions of the cryptocurrency neighborhood, and won’t now or sooner or later pay any quantity to settle plaintiffs’ claims,” the assertion continued. “Tether and its associates have by no means used Tether tokens or issuances to control the cryptocurrency market or token pricing.”
Suspicions towards Tether are long-standing, nonetheless, as the corporate has headlined quite a few articles about its allegedly questionable fiat backing over the previous a number of years.