At the moment going through a number of lawsuits, cryptocurrency stablecoin issuer Tether (USDT) obtained a request from prosecutors asking for consolidation, combining three lawsuits into one, which Tether has not denied.
“We didn’t oppose the plaintiffs’ requests to mix these frivolous claims, initially filed, respectively, in October in New York, in November in Washington and in January in New York,” reads a Tether assertion shared with Cointelegraph by way of e mail on Jan. 17, 2020.
A number of lawsuits
Varied events have suspected Tether, alongside associated trade Bitfinex, of foul play quite a few occasions over their years in existence.
Some of the latest ordeals on the topic purports that Tether and Bitfinex allegedly precipitated Bitcoin’s bull run of 2017 by finishing up unlawful actions.
In consequence, three lawsuits towards Tether surfaced, which now could also be mixed right into a single prosecution.
Request for consolidation
Authorized counsel for the lawsuits — Leibowitz, Younger and Faubus — filed a letter with the presiding decide on Jan. 16 requesting a merger of the three disputes.
The letter included that the talked about lawsuits overlap in a number of areas, sharing similarities which can permit for consolidation.
Tether’s assertion to Cointelegraph famous a further declare pending: “A fourth class motion was additionally filed in New York yesterday, which we anticipate shall be consolidated with the earlier three actions,” the assertion learn, earlier than dismissing the lot: “None of those circumstances current meritorious claims.”
Feedback on legitimacy
Moreover, Tether claimed that the prosecutors’ analysis is wrong, explaining:
“That analysis deploys preselected information to retrofit a desired narrative and demonstrates a patent misunderstanding of the cryptocurrency market and the demand that drives purchases of Tether.”
“Tether will proceed to defend the digital token ecosystem and the various contributions of the cryptocurrency group, and won’t now or sooner or later pay any quantity to settle plaintiffs’ claims,” the assertion continued. “Tether and its associates have by no means used Tether tokens or issuances to control the cryptocurrency market or token pricing.”
Suspicions towards Tether are long-standing, nonetheless, as the corporate has headlined quite a few articles about its allegedly questionable fiat backing over the previous a number of years.
