US Court Dismissed The Lawsuit Against Tether And Bitfinex

It has been just revealed the fact that the US court has just dismissed a lawsuit against Bitfinex and Tether. Check out the latest reports about this below.

A lawsuit filed by Matthew Anderson and Shawn Dolifka against stablecoin issuer Tether and its affiliated company Bitfinex has been dismissed by the Southern District of New York (SDNY) court.

The lawsuit alleged that Tether’s stablecoin USDT was not backed one-to-one with US dollars, contrary to the company’s claims.

Tether has reported that Chief Judge Laura Taylor Swain has issued a decision that ordered the lawsuit to be dismissed.

Says Tether,

“The Court correctly held that plaintiffs’ complaint lacked any ‘plausible allegations of injury’ because it includes no facts showing that ‘USDT had a diminished actual value at all.’

The fact that the entire class action complaint was dismissed at an early stage indicates that the plaintiffs’ claims lacked legal merit.

Rest assured that Tether and Bitfinex are committed to fulfilling our promises and safeguarding our customers and community. Recently, Tether Holdings reported a 35% increase in excess reserves, totaling $3.3 billion, in the second quarter.

“In a continuation of Tether’s public commitment towards openness, it also reveals an increase in its excess reserves of about $850 million, bringing its total excess reserves to approximately $3.3 billion at the end of Q2, reinforcing the stability of Tether.”

It is reported that the four individuals behind the largest stablecoin globally are each worth over $1 billion, thanks to the rise in market cap of Tether (USDT).

In spite of the prolonged bear market in the digital asset industry, a company based in the British Virgin Islands recorded a profit of $1.5 billion in Q1 of 2023.

More than half of the cryptocurrency market’s liquidity was attributed to USDT.

Forbes reported that Tether could potentially be sold for as much as $9 billion, resulting in the top four executives becoming billionaires.