- A class action complaint was filed against Tether and Bitfinex in the U.S. District Court for the Western District of Washington.
- Tether is of the opinion that the claims of the plaintiff do not have any merit.
- They intend to vigorously challenge and dispose of these claims.
A class action complaint was filed against Tether and Bitfinex in the U.S. District Court for the Western District of Washington without any notice to Tether itself on November 22nd. Tether has equated the deficiencies of this lawsuit with a similar lawsuit filed in the U.S.
District Court for the Southern District of New York on October 6. Tether is of the opinion that the claims of the plaintiff do not have any merit and questions the faulty research used to back these claims. They believe that mercenary lawyers use them to obtain a good amount of money.
They have, however, made it clear that no nuisance settlements or any other kind of settlements will be made. They intend to vigorously challenge all the claims made against them and in due course of time, get rid of them. Once these bogus claims are disposed of, Tether intends to look further into the legal recourse they can adopt against the plaintiffs who brought forth these baseless claims.
Tether is proud to be fully involved with the growth, success, and innovation of the massive digital token ecosystem and believes that these nonsensical and baseless claims are an attack on the same ecosystem.
Such meritless claims are an insult to the enthusiasm and efforts of Tether’s customers and every participant who contributes to the digital token ecosystem. To quote Tether, “Our fight is the community’s fight.”
Tether was established in 2014 and was the first blockchain-enabled platform that provided an option to tokenize traditional currencies. This lets users transact fiat currencies across various exchanges without the volatility associated with digital currencies.
Tether has made and continues to make massive contributions to the digital ecosystem by introducing a fiat currency gateway to the Bitcoin and Ethereum blockchains. They, thereby, facilitate a more connected ecosystem by providing price stability along with the ability to make instant global transactions.
Tether also declares that they and their affiliates have never used Tether tokens or issuances to manipulate the cryptocurrency market or token pricing in any manner whatsoever.
All Tether tokens are issued according to market demand and there is no intention of controlling the price of crypto assets. Additionally, the tokens are fully backed by reserves.
It would, therefore, be irresponsible to suggest that Tether facilitates illicit activity primarily because of its efficiency, liquidity and large-scale applicability within the cryptocurrency ecosystem.