Cryptocurrency Stablecoin Tether Resolves Lengthy Legal Battle
Tether, a stablecoin company, announced the conclusion of a multi-year courtroom battle after the plaintiff decided to end the appeal. This decision came after Chief Judge Laura Taylor Swain of the U.S. District Court for the Southern District of New York dismissed Shawn Dolifka’s class action complaint against Tether and Bitfinex upon denying his motion to amend. As a result, Dolifka chose not to pursue an appeal, effectively putting an end to the legal proceedings.
Resolution After Years of Litigation
This legal battle was initiated in 2019 by Jason Leibowitz, co-founder and CEO of LeboBTC, on behalf of the plaintiff class, alleging damages exceeding $1.4 trillion to the crypto market. The lawsuit accused Tether, Bitfinex, Crypto Capital, and associated executives of financial misconduct, including bank fraud and money laundering. Despite this legal victory for Tether, questions about its reserves have arisen in the past.
Hot Take: Tether Emerges Victorious in Lengthy Legal Battle
The conclusion of the lawsuit against Tether and Bitfinex is a significant victory for the stablecoin company, putting an end to years of legal uncertainty and allegation. While the lawsuit raised concerns about Tether’s financial practices, the outcome stands in favor of the company, marking the end of a contentious legal battle.
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