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Plaintiffs File New, Slimmed Down Complaint in Class Action Lawsuit Against Tether

SB Crypto Guru News by SB Crypto Guru News
July 15, 2024
in Crypto Updates
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Plaintiffs File New, Slimmed Down Complaint in Class Action Lawsuit Against Tether



The second amended complaint, filed in the Southern District of New York (SDNY) on Monday, accuses Tether and its sister crypto exchange Bitfinex of operating a “sophisticated scheme to artificially inflate the price of cryptocurrencies” by pushing Tether’s dollar-backed stablecoin, USDT, into the cryptomarket without it being fully backed by U.S. dollars, therefore “creating the illusion of increased demand” for cryptocurrencies, “facilitating trading of [cryptocurrencies] on credit and loaned funds” and ultimately driving up crypto prices.



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Tags: actionBitcoin NewsClassComplaintCrypto NewsCrypto UpdatesfileLatest News on CryptolawsuitPlaintiffsSB Crypto Guru NewsSlimmedTether
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