Victor Ugochukwu · Dec 14, 2020 . 5min read
Tether brags, Bittrex and Poloniex Class Action will Fail!
Tether says both it and Bitfinex will not settle any of the claims plaintiffs continue to manufacture,concludes Bittrex and Poloniex are drawing up theories
By Victor Ugochukwu · Aug 10, 2020 . 5min read
Popular stablecoin issuer, Tether lashes out at Plaintiff adding Bittrex and Poloniex cryptocurrency exchanges in the class action lawsuit against it alleging it manipulated the price of Bitcoin with billions of unbacked Tether (USDT).
In a recent fiery blog post published on its website, Tether fires back at Bittrex and Poloniex dismissing their actions as “nonsense claim” and says it will fail just like Plaintiff’s first attempt.
Earlier, attorneys representing both Bittrex and Poloniex notified Judge Failla of the Southern District of New York Friday. They did this in a move for summary judgment in the class action case against it. The lawsuit alleges that they colluded with Tether and Bitfinex in manipulating the market in bitcoin price.
The motion claims “plaintiffs cannot “prove the central premise of their claims”. It clearly states that the alleged cryptocurrency addresses do not belong to Bitfinex. Therefore the claims that Bitfinex was using the funds to manipulate the market does not hold true.
Summarily, the letter states:
“In fact, both addresses belong to an individual with no apparent connection to Bitfinex,”Attorney representing Bittrex and Poloniex
Apparently, this suit has been on since October 2019. A coalition of crypto traders sought class-action status. In their claims, the defendant’s action cost the market total damages more than $1 trillion.
Their case was a result of Bitcoin price losing more than 84% of its after reaching its peak at $20,000. However, the case was not only peculiar to Bitcoin but also other cryptocurrencies. Other altcoins lost more than 95% of their value during the bear market, and many never recovered from the beating.
Tether sees the Bittrex, Poloniex Class Action alongside others as nothing other than meritless claims.
Accordingly, Tether responded:
Plaintiffs and their attorneys will doubtless go back to the drawing board to dream up new theories ultimately designed to give them reasons to claim monies to which they have zero entitlement.Tether’s response
Tether says both it and Bitfinex will not settle any of the meritless claims plaintiffs continue to manufacture.
While it says it will defend itself and her stakeholders against these “meritless claims”, it’s also facing another issue with the NYAG. This is yet to see a conclusive end.