Tether (USDT) faces another lawsuit, but lists it as

Tether faces another lawsuit for backing up its supply. A lawsuit was filed in New York, alleging that Tether had made false or misleading claims about its reservations.

Tether has had another class action lawsuit filed against him, according to a presentation conducted in district court in the Southern District of New York.

The plaintiffs, Matthew Anderson and Shawn Dolifka, toThey claim that Tether’s statements that its USDT tokens were backed by the US dollar on a 1: 1 basis were not true.

They point to investigations by the New York State Attorney General and the Commodity Futures Trading Commission (CFTC) in support of their allegations.

The plaintiffs they also called Tether’s practices “immoral, unethical, oppressive and unscrupulous” in the presentation.

Own Tether flatly dismissed the lawsuit, saying it was silly and that it was simply a cash theft. Tether’s response was:

“[Las] Shameless money appropriations, for which this lawsuit is a textbook example, will never be worthy of paying a Satoshi in a settlement.

Tether will also follow up on its own litigation and seek compensation for the efforts. This is not the first lawsuit Tether has faced this year, after a price manipulation lawsuit that was filed in the middle of the year.

And that’s far from the only incidents Tether has faced this year. The Justice Department is conducting an investigation to assess whether Tether executives committed bank fraud. and settled the case with New York AG, paying $ 18.5 million in February.

All eyes on Tether

Following the myriad of incidents, Tether has been forced to be more receptive to regulators. At the end of last month, the company said it would cooperate with legislators globally to ensure it meets compliance standards. It is also putting more effort into conducting audits.

But even so, it remains one of the most controversial assets on the market. Its tendency to coin USDT has also drawn a lot of criticism. More recentlyAnti-junta groups in Myanmar have started using USDT to fund resistance efforts, declaring it their official currency.

Tether is not the only one stablecoin that attracts the attention of legislators. The stablecoins, in general, they are an urgent concern for the authorities, who fear that they may infringe the sovereignty of national currencies.

Since USDT is the stablecoin more popular, the authorities have focused most of their attention on it.

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Tether (USDT) faces another lawsuit, but lists it as

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