The End of the Tether and Bitfinex Lawsuit
The class-action lawsuit against Tether and Bitfinex has come to a close after the plaintiff chose not to appeal a recent ruling. According to a statement from the stablecoin issuer, Shawn Dolifka decided against appealing the decision of the U.S. District Court for the Southern District of New York, finalizing the dismissal of the lawsuit.
Dolifka and fellow plaintiff Matthew Anderson had accused Tether of making false statements about its stablecoin, USDT, being backed one-to-one by the U.S. dollar. The court dismissed the case in August.
Tether’s Third-Quarter Report
In its third-quarter attestation report, Tether revealed that 85.7% of its total reserves were in cash and cash equivalents, the highest percentage ever. It also noted that the “vast majority” of these reserves were in U.S. T-Bills, with $72.6 billion in both direct and indirect exposure.
Hot Take: Tether’s Legal Victory and Financial Transparency
The conclusion of the lawsuit against Tether and Bitfinex marks a legal victory for the companies. Additionally, Tether’s third-quarter report demonstrates increased financial transparency, reassuring investors about the backing of its stablecoin USDT by highlighting its substantial cash reserves and exposure in U.S. T-Bills.
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