The class-action lawsuit against Tether and Bitfinex has taken a new twist with the submission of an amended complaint. The lawsuit, filed in the Southern District of New York, alleges that Tether and Bitfinex manipulated cryptocurrency prices, including Bitcoin, by injecting unbacked USDT into the market, contrary to Tether’s claims of one-for-one backing with US dollars.
The plaintiffs claim that this manipulation scheme led to financial losses and damages for investors, resulting in accusations that Tether and Bitfinex violated the Commodities Exchange Act and the Sherman Act.
This amended complaint is the third iteration of the lawsuit, with Tether and Bitfinex opposing previous attempts at amendment. The outcome of this case could have significant implications for the crypto industry, particularly regarding stablecoin issuers and their impact on market stability and investor trust.
In other news, Tether’s new platform, Alloy by Tether, recently introduced a USDT token over-collateralized by Tether Gold and pegged to the US dollar.
As the legal battle continues, both sides remain steadfast in their positions, awaiting further developments. Stay tuned for updates on this ongoing case that could shape the future of the crypto industry.
