Bitfinex Cryptocurrency Exchange and Tether Win Collective Lawsuit

USDT Stablecoin Issuer Triumphs as Lawsuit Dismissed by New York Court

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Bitfinex and its subsidiary Tether, the creators of the USDT stablecoin, have announced their victory in a collective lawsuit filed against them by citizens Matthew Anderson and Shawn Dolifka in 2021.

According to a statement by Tether, Judge Laura Taylor Swain of the Southern District of New York dismissed the lawsuit in a 6-page legal document, which has not been publicly disclosed yet.

Tether views this legal victory at such an early stage as a testament that the case lacked a solid foundation. The judge concluded that the plaintiffs’ claims were “devoid of legal merit,” according to the company’s statement.

In 2021, Anderson and Dolifka sued Tether and Bitfinex for alleged “immoral, unethical, oppressive, and unscrupulous” practices.

When the lawsuit was first filed, Tether and Bitfinex confidently stated that the plaintiffs’ efforts would fail “miserably.”

The plaintiffs claimed that it was false to assert that each Tether token was backed by one US dollar in reserves, as previously reported by CriptoNoticias.

Stuart Hoegner, the legal counsel for both companies, explained via X that the plaintiffs failed to present sufficient facts to prove any harm they may have suffered.

“The plaintiffs do not allege the price they paid for their USDT, whether they sold their USDT and at what price, or any corresponding loss of value that supposedly occurred,” commented the cryptocurrency specialist lawyer.

Tether emphasized that neither Anderson nor Dolifka could provide factual evidence that they were unable to recover their investment in USDT or that their tokens were in any way less valuable despite their constant market valuation, as stated by Hoegner.

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