Class Action Complaint Launched Against Tether and Bitfinex
What is Tether?
In 2014, Tether became the first blockchain cryptocurrency platform to allow traditional currencies to become tokenized. This enabled users to be able to easily transact on exchanges without having to use debit or credit cards etc. In doing this, Tether created a stablecoin where the volatility of traditional money was not able to occur. All this led to a simple gateway for Bitcoin and Ethereum users to simply interchange their currencies, making for a more stable ecosystem.
The Class Action Complaint
On November 22nd, a class action complaint was filed against Tether and Bitfinex in the U.S. District Court for the Western District of Washington. Tether strongly believes the plaintiff’s claims are ‘without merit’ and states they ‘contest the bogus research’ that supports them.
As Tether disagrees with the claims made, they have said there will be no settlement as they plan to fight this with the full force of the law and will evaluate their legal options against anyone who stands in their way.
“As we predicted last month, mercenary lawyers continue to try to use Tether to obtain a payday. To be clear, there will be no nuisance settlements or settlements of any kind reached. Instead, all claims raised across both actions will be vigorously contested and ultimately disposed of in due course. Once they are, Tether will fully evaluate its legal options against those bringing and promoting the baseless claims.” Tether stated in a recent blog post.
The popular cryptocurrency company believe this complaint is ‘absurd and groundless’ as it stands in the way of Tethers success and growth towards a stronger ecosystem.