There has been a new development today in the lawsuit filed related to market manipulation. Tether and Bittrex argue that all the allegations are unfounded, but the $1 trillion manipulation case is unfortunately ongoing. Today’s development is related to some of the allegations, Judge Polk Failla rejected half of the allegations against the defendants. However, Bittrex and Tether (USDT) are not willing to compromise despite this.
The Gain in Favor of Tether and Bittrex
The largest exporter of stablecoin Tether (USDT) and its affiliated stock exchange Bittrex has been fighting allegations of manipulation for two years. The allegations against the defendants are terrible, but for now we can think that half of them have been shelved thanks to U.S. District Judge Katherine Polk Failla. Despite this, Tether and Bittrex he continues to argue that the claims against them are unjustified.
If there is one thing more dangerous than Chinese bans, it is stablecoin FUDs. US authorities are already working on regulating stablecoins. A sanction or lawsuit decision that may come while the process is ongoing will negatively affect all crypto currency markets. For now, the success achieved by Tether and Bittrex seems to be fine. If the defendants can maintain their strong stance, it may also be possible to have all the allegations dismissed.
The Case of Tether and Bittrex
A group of plaintiffs about 2 years ago Tether and Bittrex he had filed a lawsuit against him, demanding $ 1 trillion in damages. Tether, which is used by crypto currency investors almost every day, is the first stablecoin released 7 years ago. Afterwards USDC, DAI, BUSD although there are many alternatives such as today Tether (USDT) he did not lose the first place to any of them.
Roche Cyrulnik Freedman a lawsuit filed by a law firm named Tetherhe was focusing on the fact that he was printing unrequited virtual dollars without having a 1-on-1 response. Of course, later the company announced the assets that it showed as collateral, but these were also not things that could be cashed out quickly. This part stands before us as a serious problem of our time.
Tether’a was accused of triggering the 2017 bull when this case was filed. In other words, an artificial bullish period had been created by manipulating the market by pressing the USDT gratuitously. At least that’s what the allegations say in the general framework. The plaintiffs argue that the crypto currency prices were artificially raised and then fell, causing investors losses. The mentioned losses are about 1.4 trillion dollars.
Bittrex this is exactly the part that concerns the stock exchange. Tether printed by unrequited USDT’s were used here to keep the price down.