Class Action Lawsuit Against Tether, Bitfinex Dismissed

A class action lawsuit filed against cryptocurrency firms Tether and Bitfinex was dismissed Friday by a federal judge in New York. The judge ruled the complaint lacked plausible claims of injury and failed to show that Tether's stablecoin USDT had diminished in value.

Timeline of Tether

Laura Swain, the Chief Judge of the U.S. District Court for the Southern District Of New York, has dismissed a class action lawsuit against USDT issuer Tether and its sister company Bitfinex. The lawsuit was brought on by plaintiffs who alleged Tether was falsely advertising its USDT stablecoin.

Tether and its sister entity Bitfinex have scored a legal victory as a U.S. court throws out a lawsuit filed against both. A point to note: Tether and crypto exchange Bitfinex are owned by the same company, iFinex.

Chief Judge Laura Taylor Swain of the U.S. District Court for the Southern District of New York issued a thorough, six-page decision on August 4, dismissing the class action lawsuit filed against Tether and Bitfinex by plaintiffs Matthew Anderson and Shawn Dolifka.

The world's largest stablecoin issuer Tether has lauded a legal victory as a U.S. District Court dismisses a class action lawsuit regarding its reserves. The case stems from a complaint filed back in 2021 questioning the legitimacy of Tether reserve statements.

Tether Holdings, the company behind the world's largest stablecoin, Tether USD (USDT), has announced an impressive financial performance for the second quarter of 2023. The stablecoin giant's excess reserves have soared past $3 billion, thanks to an operational profit of over $1 billion in Q2 ‘2023, a remarkable 30% increase from the previous quarter.

The issuer of the Tether (USDT) stablecoin says its excess reserves have increased by hundreds of millions of dollars in the second quarter of 2023. Tether Holdings says that its total excess reserves increased by approximately 35% to $3.3 billion in the second quarter.

Tether, the world's largest stablecoin, continues its skyward ascent, reporting an impressive Q2 2023. Assets soared by 5.7% to a record-breaking $86.5 billion, and operational profits surged by 30% to over $1 billion from the previous quarter. Tether Excess Reserves increase by 850M to reach $3.3B as Leading Stablecoin Reveals $72.

A scammer managed to steal $20 million worth of Tether (USDT) on the 1st of August, using a zero transfer phishing attack. Tether immediately swung into action, blocking the scammer's address and blacklisting them, all within an hour of the attack being orchestrated.

Tether, the company behind the USDT stablecoin, has published an attestation revealing the company's financials during Q2 2023. The document, prepared by BDO, a network of accounting and consulting services, found Tether has increased its reserves by $850 million during this period, with its overall excess reserves reaching $3.3 billion.

On August 1, a scammer successfully executed a zero transfer phishing attack, stealing $20 million worth of USDT (Tether's stablecoin) before being blacklisted by the issuer, Tether. The incident was reported by on-chain analytic firm PeckShield, shedding light on the growing concern about such scams in the crypto ecosystem.