Tether and Bitfinex emerge victorious as NY Court dismisses USDT lawsuit

Tether and Bitfinex have emerged ✌️ as a US District Court in NY dismissed a class-action lawsuit against them. The lawsuit, initiated by plaintiffs Matthew Anderson and Shawn Dolifka in December 2021, challenged the backing of the USDT stablecoin. However, the court found the allegations lacked evidence of any diminished value of USDT and deemed the case meritless. The plaintiffs' argument that their investment decisions would have been different with prior knowledge of USDT's reserves failed to hold ground. They sought compensation and injunctions to reveal the reserves' composition, but the court rejected inthese claims. Tether's profitable second quarter and legal win reinforce their commitment to the crypto community. #trending #Binanceturns6