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 wasreferring to what Stuart Hoegner previously tweeted: “Saying that@tether_to & @bitfinexactivity is the only thing driving bitcoin prices is like saying the earth isflat. #USDt users and experts who understand macroeconomics know why it is themost popular and successful stable coin in existence.”
In the original filing, the plaintiffsalleged inaccurate information, Monopoly, conspiracy, and printing of unbacked Tethers.Further, stated that the unbacked Tethers got used to manipulating the price ofBitcoin artificially.
In a statement on Friday, StuartHoegner, general counsel to Bitfinex, questioned why the suit was filed in theWashington State when it should have got filed in the Southern District of NewYork.
There is no apparent reason why theplaintiffs should withdraw their case.
From the statement of Stuart Hoegner,there is an assumption that an issue of filing the suit in the wrongjurisdiction might be the reason. Whether the plaintiffs will re-file thelawsuit is yet another question.
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 tookplace on November 22, 2019. It got withdrawn. They again re-filed the same suit in a different jurisdiction on January07, 2020. And, they have removed thefiling again for the second time.
Per US Legal norms, no court wouldchoose to try a case that has got voluntarily dismissed twice. There is no clue as to why the plaintiffswould withdraw twice. They lose theirmerit 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.
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