Tether prevails in class action suit, but USDT is still not in hot water

U.S district court in New York ruled in favor of the stablecoin issuer in the legal battle. The filing stated that Tether was not liable for any injury allegations as per the plaintiff's claim because USDT did not suffer loss of value.

Timeline of Tether

Tether, a trailblazing stablecoin issuer, has recently reported an impressive profit of $850 million for the second quarter of the year. This announcement comes amid Tether's significant exposure to US Treasuries, with the company revealing a staggering $72 billion holding in these government bonds.

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.

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.