Tether And Bitfinex May Facing With Groundless Charge Of USDT Manipulating

The stablecoin issuer Tether and its affiliate Bitfinex Bitcoin exchange shared statements on Saturday, October 5, according to which both companies expect “unfounded” lawsuits to be filed against them alleging market manipulation of the USDT token.

It is assumed that the so-called “unpublished and unexplored community” study will form the basis of the claim.

Both companies insist that all the arguments that will be met in this study are based on “erroneous assumptions, incomplete and biased data, and a false methodology.”

Both statements actually copy each other and boil down to the following:

These baseless accusations are an attempt to undermine the growth and success of the entire digital token community, of which Bitfinex and Tether are key parts.

Tether and Bitfinex do not report which particular study and who plans to publish it. At the same time, both companies emphasize they want to “state their position regarding any statements based on an unreasonable, unprincipled and shameful enrichment attempt” while awaiting the filing of the lawsuit.

Representatives of Tether also emphasized that neither the company itself nor its related parties have ever used USDT tokens to manipulate the market.

All Tether tokens are fully backed by reserves and are issued and traded on Bitfinex pursuant to market demand, and not for the purpose of controlling the pricing of crypto assets.

Earlier this year, the New York State Attorney’s Office (NYAG) charged Bitfinex with the loss of $ 850 million that it withheld, using Tether to cover the damage. The exchange itself categorically denies these allegations.

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