Plaintiffs amended a complaint against Tether and Bitfinex for an alleged USDT scheme, accusing them of manipulating crypto prices through unbacked stablecoin issuance.
Plaintiffs in a years-long class-action lawsuit against Tether and Bitfinix filed an amended complaint accusing the companies of manipulating crypto prices through a deceptive scheme involving, Tether’s dollar-backed stablecoin, according to court documents filed in the Southern District of New York.
The companies purportedly financed these purchases with billions of dollars in USDT, which — in contradiction to repeated assurances by Tether — was not, in fact, backed one-to-one by United States dollars. In doing so, the Plaintiffs claim that Tether and Bitfinix violated both the Commodities Exchange Act and the Sherman Antitrust Act.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Plaintiffs File New, Slimmed Down Complaint in Class Action Lawsuit Against TetherCheyenne Ligon is a CoinDesk news reporter with a focus on crypto regulation and policy. She has no significant crypto holdings.
Read more »
$140 Million USDT Frozen by Tether: What Happened?$140 million in Tether suddenly frozen - What's the deal?
Read more »
Tether hires Chainalysis’ chief economist for USDT usage reportsTether has hired Philip Gradwell, formerly chief economist at Chainalysis, as head of economics to report USDT usage to regulators and stakeholders.
Read more »
Tether (USDT) Loses Ground on Centralized Exchanges, Down to 74% Market ShareCrypto Blog
Read more »
Here’s Why Tether Will Stop Issuing USDT on EOS and AlgorandCrypto Blog
Read more »
Tether discontinuing support for EOS and Algorand, ends USDT minting on both blockchainsTether will discontinue support for EOS and Algorand implementations by stopping the minting of USDT on both blockchains today.
Read more »