Bitfinex, Tether File A Motion to Dismiss NYAG’s ‘Frivolous’ $1.4 Trillion Class Action Lawsuit

  • Tether states that the claims against their platform by the plaintiff are “frivolous.”
  • The letter states that the causes of action states in the lawsuit don’t have the requirements to be considered.

Tether has been involved in a lawsuit recently in the U.S. District Court in the Southern District of New York, but the company clearly doesn’t want this lawsuit to go through. According to a press release on the official website, Tether explains that it has filed a motion to dismiss the class-action lawsuit, calling it “frivolous.” Furthermore, Tether explained, “The motion will allege that many of Plaintiffs’ causes of action lack the required legal basis to proceed past the very early stage of the case.”

There are multiple accusations that Tether makes against the claims, cautioning consumers to examine the statements of the Plaintiffs’ “with a jaundiced eye.” One of the first issues brought up is that the accusations primarily stem from “an unpublished academic paper,” which was written by Amin Shams and John M. Griffin. Adding that there are already several flaws in the paper, Tether points out that the document was recently edited in an effort “to walk back support for a core allegation of the Plaintiff’s’ complaint.”

The platform adds that the complaint doesn’t consider other factors that may have been part of Bitcoin’s spike in price in 2017 and that the plaintiff accuses Tether of “manipulating a market more than seven hundred times the side of total Tether USDT issuances in circulation” for the better part of that year. Aggressively, the platform tells consumers that this type of relationship between the numbers would typically be considered by “any sophisticated and rational observer of the digital token ecosystem.”

Now, Tether’s focus seems to be on (what they consider to be) “true facts” in court, adding that the Plaintiffs are undermining the proceedings and the consumers involved with the cryptocurrency industry. Going forward, the platform announced that it plans to “vigorously contest” the claims against them and defend their side of this narrative, along with the customers and stakeholders both within and outside of their community.

The text of the pre-motion letter to the court can be viewed below,

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Author: Krystle M

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