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Tether sued again with covering reserves



Tether has to come to terms with another lawsuit over his reserves. A lawsuit filed in New York alleges that Tether made false or misleading statements about its reserves.


Against Tether was a class action lawsuit filed again, namely at a district court in the Southern District of New York. Plaintiffs, Matthew Anderson and Shawn Dolifka, claim that Tether's statements that its USDT tokens are 1: 1 backed by the US dollar are not true. They cite investigations by the New York State Attorney General and the Commodity Futures Trading Commission as evidence of their claims.


Plaintiffs also described Tether's practices as "immoral, unethical, abusive and unscrupulous" in the complaint. Tether himself firmly dismissed the lawsuit, stating that it was nonsensical and that it was only used to raise funds. The statement said the lawsuit was "shameless profiteering, a textbook example of this, and it will never be settled by paying a single satoshi."


Tether will also initiate its own legal battle and seek compensation for the effort. This is not the first lawsuit Tether has faced this year after a price manipulation lawsuit was filed in the middle of the year. The US Department of Justice is also investigating whether Tether executives have committed bank fraud. The company also reached an agreement with New York AG in February on a payment of $ 18.5 million.


Tether remains in the eye of the authorities

After the numerous incidents, Tether was forced to be more open to the regulatory authorities. Late last month, the company said it would work with lawmakers on a global basis to ensure it was meeting the relevant compliance standards. In addition, the company is making greater efforts to carry out audits.


Still, USDT remains one of the most controversial assets in the crypto market. The fact that the company frequently coins USDT has also drawn a lot of criticism. However, Tether isn't the only stablecoin that has caught the attention of lawmakers. Stablecoins in general are a major concern of the authorities, who fear that they could violate the sovereignty of national currencies. Since USDT is the most popular stablecoin, it is what authorities have focused their attention on.


Tether isn't the only stablecoin that has caught the attention of lawmakers. Stablecoins in general are a major concern of the authorities, who fear that they could violate the sovereignty of national currencies. Since USDT is the most popular stablecoin, it is what authorities have focused their attention on.


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