Tether Receives Request From Prosecutors For Asking Consolidation
Tether Receives Request From Prosecutors For Asking Consolidation
January 19, 2020
Tether Receives Request From Prosecutors For Asking Consolidation
Tether Receives Request From Prosecutors For Asking Consolidation
January 19, 2020

Tether (USDT), a cryptocurrency stablecoin issuer, which is currently facing multiple lawsuits, received a request from prosecutors asking for consolidation by combining three lawsuits into one, which Tether has not denied.

On January 17, a Tether statement has been shared through an email, which reads:

“We did not oppose the plaintiffs’ requests to combine these frivolous claims, originally filed, respectively, in October in New York, in November in Washington and in January in New York.”

However, various parties have suspected Tether, alongside related exchange Bitfinex, of foul play numerous times over their years in existence.  

One of the most recent ordeals on the subject reports that Tether and Bitfinex allegedly caused Bitcoin’s bull run of 2017 by carrying out illegal activities.

As a result, three lawsuits against Tether surfaced, which now may be combined into a single prosecution.

ALSO READ :  South Korea To Establish Blockchain-Based Platform For Verifying Digital Self-Driving Vehicles

Likewise, Leibowitz, Young, and Faubus, the Legal counsel for the lawsuits, filed a letter with the presiding judge on January 16, requesting a merger of the three disputes.

The letter included that the mentioned lawsuits overlap in multiple areas, sharing similarities that may allow for consolidation.

Tether’s statement added:

“A fourth class action was also filed in New York yesterday, which we expect will be consolidated with the previous three actions. None of these cases present meritorious claims.”

Additionally, Tether claimed that the prosecutors’ research is incorrect, explaining:

“That research deploys preselected data to retrofit a desired narrative and demonstrates a patent misunderstanding of the cryptocurrency market and the demand that drives purchases of Tether.”

The statement continued:

“Tether will continue to defend the digital token ecosystem and the many contributions of the cryptocurrency community, and will not now or in the future pay any amount to settle plaintiffs’ claims. Tether and its affiliates have never used Tether tokens or issuances to manipulate the cryptocurrency market or token pricing.”

Thus, suspicions against Tether are long-standing, as the company has headlined numerous articles about its allegedly questionable fiat backing over the past several years.

ALSO READ :  France Plans To Pilot Its Central Bank Digital Currency For Financial Institutions In 2020

Source: cointelegraph.com


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Cypherpunk Holdings Increases Its Stake In Bitcoin

Cypherpunk Holdings Increases Its Stake In Bitcoin

Cypherpunk Holdings (CSE:HODL), a privacy-focused Canadian investment company, has increased its stake in Bitcoin (BTC).  It has been reported that the company revealed that it has added 72.979 BTC to its reserves...

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.