NY Court dismissed half of class action plaintiffs’ claims against Tether.

Tether expressed:  We are grateful for Judge Failla’s opinion, which exposed many deficiencies in the plaintiffs’ case.

Community Response:  It’s rare to see such an aggressive press release from a defendant in an ongoing lawsuit. And commenting on the plaintiff’s law firm is just bizarre. I’d bet defense counsel either wasn’t consulted or cautioned against sending this press release.

Remember they always inflate the charges. Now that the fluff is gone the real judicial process starts. How is Tether celebrating this?

For clarity the press release from Tether read thus:  Yesterday, Judge Katherine Polk Failla of the U.S. District Court for the Southern District of New York issued a 127-page opinion and order dismissing half of the class action plaintiffs’ claims against Tether and Bitfinex, including all of their RICO claims. Plaintiffs filed their original complaint almost two years ago and the case is now in shambles. Even for the remaining claims, the Court’s order raises substantial issues that will ultimately be fatal to the plaintiffs’ case. With half their case now dismissed, their primary expert debunked, and their lead law firm embroiled in its own internecine war—with its partners and former partners trading allegations of fraud and ethics violations—this case is doomed. This is unsurprising given that plaintiffs’ claims are meritless.

Bitfinex and Tether look forward to litigating this case and won’t settle what remains of the plaintiffs’ baseless claims. Litigation will expose this case for what it is: a clumsy attempt at a money grab, which recklessly harms the whole cryptocurrency ecosystem.

Community Response:  Well done guys.  Tether to the moon. Only half. Screw those hedge funds. They should be paying tether back for harm they have done.  This calls for celebration send me some Tether.

How is this bullish? This is mid-news. What about the other half that was not dismissed? How much Tether you printed and gave them as a gift lol.

Otherwise when Bitcoin miners were forced out of China, miners in North America had a huge windfall. Now with Chinese exchanges being clamped down on again, users are migrating abroad en masse. It’s looking like Bitfinex is one of the exchanges that’s benefiting.

It is exciting of course to see the crypto-community getting together to solve problems. We’re decentralized but we’re still people and peers.  The industry keeps delivering and action speaks volume.