Tether, the world’s largest stablecoin by total market capitalization, has made significant progress in a major lawsuit. Tether and in fact, Bitfinex cryptocurrency exchange, which is managed by the same company, has been waiting for this decision for a long time.
Another Case Over in the Crypto Money Industry
The two-year market manipulation lawsuit has finally settled legally in favor of the exchange and the stablecoin company. US District Court Judge Katherine Polk Failla emphasized that half of the allegations were unfounded and ruled that. Tether and Bitfinex also described the remaining claims as “baseless” and these can be expected to drop as well.
Bitfinex CTO Paolo Ardoino said in a statement on the subject:
We thank Judge Failla for this decision, and it has actually exposed many of the plaintiffs’ baseless allegations.”
In the class action filed, the company demanded 1 trillion dollars in damages. The exchange and the stablecoin company, which are said to be “playing” and manipulating the cryptocurrency industry, seem to have gotten away with no evidence. In addition to Bitfinex, Bittrex and Poloniex cryptocurrency exchanges were later included in the lawsuit, but a clear decision has not yet been made about them.
Tether has survived one more lawsuit for the time being, and it doesn’t appear that there are any lawsuits filed against the company for the moment.