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Today, Judge Katherine Failla appointed
lead interim counsel of a consolidated complaint against Tether in
the U.S. District Court for the Southern District of New York.
The
allegations in the complaint are without merit or legal basis, and
exhibit a fundamental lack of understanding of the market structure
of cryptocurrencies.
Indeed, it is reckless and false to allege that USDt tokens are
issued in order to manipulate markets.

Stuart Hoegner, General Counsel for Tether, states, “These now amalgamated copycat lawsuits are baseless and rely on a foundationally flawed paper by John M. Griffin and Amin Shams that lacks data and evidence to support incendiary allegations, as we will establish when we put the facts before the court. During oral arguments before the Court on Monday, we witnessed three legal teams poking huge holes in each others’ legal theories and evidentiary footing. Whoever serves as lead interim counsel is irrelevant, as the claim rests on the defective research and methodology of a paper whose authors openly admit they do not have crucial data on the timing of actual transactions, or on the flow of capital between exchanges, or any data at all to prove actual purchases of bitcoin with Tether. This academic sloppiness and lack of evidence means that plaintiffs’ counsel can’t establish a valid sequence of events through which their allegations of manipulation could have occurred. Sadly, the claims are nothing more than a shameless money grab.”

Launched in 2014, Tether is a
blockchain-enabled platform that allows traditional currencies to be
tokenized, enabling users to transact with fiat currencies across
exchanges without the volatility associated with digital currencies.
Tether combines digital currency benefits, such as instant global
transactions, with traditional currency benefits, such as price
stability. Tether is disrupting the legacy financial system by
offering a more modern approach to money. By introducing fiat
currency-digital cash to the Ethereum, EOS, Liquid Network, Omni
protocol, Tron and Algorand blockchains, Tether makes a significant
contribution to a more connected crypto ecosystem.  

Tether
and its affiliates have never used Tether tokens or issuances to
manipulate the cryptocurrency market or token pricing. All Tether
tokens are fully backed by reserves and are issued pursuant to market
demand, and not for the purpose of controlling the pricing of crypto
assets. Tether
offers products that are efficient, liquid, popular and widely
applicable in the cryptocurrency economy.

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