Tether to Support its Holdings and Financials Versus PlaintiffNovember 19, 2019
Tether rejects the idea of having manipulated the market in any way. There is a widespread accusation that Tether contributed to creating the “largest bubble in history.”
Tether created the USDT stable coin, and it had come under fire for more than on one occasion. A recently published paper brought forth all these allegations over to the top. Subsequently, investors who thought that the company misled them initiated a lawsuit. Tether is now all set to bring that frivolous suit out of the court.
Tether filed a motion with the U.S. District Court in the Southern District of New York, requesting for the dismissal of the case. Tether claims that the legal suit is full of holes and that it does not have the required legal basis to work past the early stage of the case. Tether also argued that the academic paper which prompted the filing of the suit was flawed. Further stated that the authors in the process of making changes to their paper reversed their course concerning one of the chief allegations, which is listed in the suit.
According to Tether, the suit, on the whole, is flawed. A post on the Tether website argues as follows: “claims, without evidence and in defiance of reason, that somehow Tether manipulated a market more than seven hundred times the size of total Tether USDT issuances in circulation between March and December of 2017, something that any sophisticated and rational observer of the digital token ecosystem knows to be ridiculous.”
Tether has been dealing with a series of such complaints during the past couple of years, and severe allegations have been charged during 2019. The New York State Attorney General’s Office is investigating the stable coin project and the crypto exchange partner Binance concerning a deal that went sideways after Tether’s $850-million bailout of the exchange.
Tether and Binance are being sued in the office, and they will continue to play out in the court the following year. Tether is ready to defend itself in the court; however, Tether has never been willing in the past to support its holdings or financial standing before.
Tether is looking forward to putting facts before the court. The Plaintiffs continue to act like it would undermine the many contributions of the several contributions made by thousands of members in the digital token economy.
Tether is all set to content the claims of the Plaintiffs, and they are likely to defend themselves, their customers, stakeholders, and the cryptocurrency community.