No More Unbacked Tether’s Conspiracy or attempts of Monopoly in the Bitcoin Market by USDTJanuary 15, 2020
Sydney Ifergan, the crypto expert, tweeted: Now that Adam Kurtz and Eric Young opted voluntary dismissal of their allegation versus
#Tether and #iFinex inc (bitfinex), we now know that Tether did not conspire to monopolize the #bitcoinmarket.
Ifergan further stated, “Just like
@bitcoinlawyer stated in the past on Twitter we now know the earth is not flat. We are now convinced there is more to #Bitcoin than just #Tether and #Bitfinex activity.”
Probably the crypto expert was referring to what Stuart Hoegner previously tweeted: “Saying that @tether_to & @bitfinex activity is the only thing driving bitcoin prices is like saying the earth is flat. #USDt users and experts who understand macroeconomics know why it is the most popular and successful stable coin in existence.”
Original Filing against Tether
In the original filing, the plaintiffs alleged inaccurate information, Monopoly, conspiracy, and printing of unbacked Tethers. Further, stated that the unbacked Tethers got used to manipulating the price of Bitcoin artificially.
In a statement on Friday, Stuart Hoegner, general counsel to Bitfinex, questioned why the suit was filed in the Washington State when it should have got filed in the Southern District of New York.
There is no apparent reason why the plaintiffs should withdraw their case.
From the statement of Stuart Hoegner, there is an assumption that an issue of filing the suit in the wrong jurisdiction might be the reason. Whether the plaintiffs will re-file the lawsuit is yet another question.
Tether Seasoned to Deal with Class Action Suits
The plaintiffs have been very clearly stating that the artificially printed unbacked Tethers got printed when the Bitcoin price was decreasing. They purchased the BTC with Tether when the price was trending low. Later, when the price of BTC inflated, the BTC was converted back to USDT. The financial transaction was expressed with a critical sense of forensic accounting. And, now they do not want to move ahead with the case.
Of note, the original filing took place on November 22, 2019. It got withdrawn. They again re-filed the same suit in a different jurisdiction on January 07, 2020. And, they have removed the filing again for the second time.
Per US Legal norms, no court would choose to try a case that has got voluntarily dismissed twice. There is no clue as to why the plaintiffs would withdraw twice. They lose their merit for trial anymore.
They did nothing than create a Ripple effect and make a few headlines in the news. Tether is now seasoned to deal with class action suits than ever before. They probably trained Tether well.