Blockchain fiat currency Tether is being sued again. A pair of disgruntled users has filed a fraud claim in the Southern District of New York against Tether Holdings Limited and a handful of its related business entities, including iFinex and exchange Bitfinex.
Tether is already facing at least three other pending legal actions. The company is clearly irked at the prospect of more legal hassles, releasing a blunt three-line response earlier today that called the suit “another nonsense, copycat lawsuit” and a “shameless money grab”:
Last Friday another nonsense, copycat lawsuit was filed by 2 Plaintiffs and their law firm looking for a payout based on meritless claims. We will aggressively litigate and dispense with the action in due course. https://t.co/u5qemzvVTM
— Tether (@Tether_to) December 13, 2021
Publicly available documents show the new suit was filed on December 10, 2021, by plaintiffs Matthew Anderson and Shawn Dolifka. There are few details about the plaintiffs or the nature of their complaint. But similar lawsuits Tether has faced in the past few years usually concern users looking either for a payout, or more answers about how the “stablecoin” is structured—the nature of the “reserves” that back its 1:1 peg to the U.S. dollar and other national currencies, and its supply in relation to the price of BTC and other major digital assets.
Tether has technically been off-limits to U.S. persons since January 2018. The company makes some exceptions for exchanges...
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