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Tether and Bitcoin to Face another Lawsuit

According ‏to recent claims of Tether, the firm may face a self-described ‘meritless and mercenary lawsuit’. The lawsuit is based on a study that claims that Tether issuances are responsible for influencing the Cryptomarket.

Also, the recent comment from Bitfinex, which is an affiliated company of Tether states that these baseless accusations are to create roadblocks in the growth and success of the digital token community of which Bitfinex and Tether are important components.

Tether has also claimed that neither Tether nor any of its associates have used Tether tokens or issuances to influence the Cryptocurrency market.

Tether claimed that all its tokens or issuances are reserved by the firm and are issued according to Market demand, not to influence the Cryptocurrency pricing.

Bitfinex and Tether are also going to file a lawsuit against this bogus research which claims that Bitfinex and Tether are responsible for the pricing of Cryptocurrency. The study shows that how there is gain in Bitcoin and how it is directly related to Tether issuances.

According to the study it is claimed that the Bitcoin price increases when new Tether coins are minted.

Bitfinex and Tether have accused that the researchers who have made this study have made their report on selected content and the methodology is also not correct.

Bitfinex and Tether are claiming that this attack is not only on them but on the entire digital token community.

However, this is not the first time that this type of matter is reported which emphasizes the pricing of Cryptocurrency.

If there is any legal action taken against this, then it will create a problem for the companies involved in this. Bitfinex and Tether have also claimed that it is a shameless method of making money by accusing a company falsely for manipulations.

Despite these regulations, USDT is still the top dollar-pegged digital token. It terms of market share also, it holds the fourth place in the Market cap according to its value.

Its opposition is not able to understand its marketing strategies that’s why instead of having legal accusations its market is high while its contenders are far away from it.

Tether has presently the market share of over 4 billion US dollars stable coins.

However, if the allegations proved to be real then they will impose serious threats to the stability and credibility of not only Bitcoin but to the entire idea which gave birth to this decentralized digital economy.

Tether Limited is already facing a legal dispute with the New York Attorney General for the case in which there is the case of investors who are losing 850 million US dollars.

Before the filing of the lawsuit by the researchers of the paper Tether claimed that these accusations are reckless, meritless attempts to gain money. Tether provides help in global payment.

The NYAG (New York Attorney General) office claimed that they are looking on the complete matter and also keeping the eyes on Stable coin.

 

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About Shreya Kapoor

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Shreya Kapoor is a writer for Thecoinrepublic. She has been a keen admirer of the crypto sphere. She enjoys writing and covering news related to the latest happenings in the blockchain industry. Shreya is a 20-year old budding journalist, with a tinge of good vocabulary.

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