June4,2020–Bitfinex,Tether,andtheirrelatedentitiestodayrejectedblatantlyfalseallegationsmadeinanamendedconsolidatedclassactionlawsuitfiledintheSouthernDistrictofNewYork.
StuartHoegner,GeneralCounselforBitfinex,said:"Evenaftertakingthreefullmonthstoamendtheircomplaint,theplaintiffs'allegationsremainuntetheredtoeitherthefactsorthelaw.Theyconflateperceivedcorrelationwithcausationinanefforttopropuptheoriesthatareuntrueandunsupportable."
Plaintiffs'accusationsstartedwithanacademicpaperwhoseauthorswereforcedtowalkbacktheircentralclaims.Aftertheirfirstargumentfellapart,plaintiffshavedreamedupanunprovenconspiracytheoryinvolvingthreelargecryptocurrencyexchangesandasecretschemetomanipulatethecryptocurrencymarket.Theonlyconsistencyintheirargumentsisthecompletelackofevidence.Plaintiffscherrypickpiecesofinformationandstringthemtogethertoweaveanelaboratestoryunsupportedbytruthorproof.
"WhilesuggestingthesheersizeofthedemandforTethercoupledwithchangesinthemarketclearlyledtoonlyoneconclusion–marketmanipulation–plaintiffsdisregardedtheactualworkingsandfinancialbackingofTether,theoperationsofBitfinex,generalprinciplesofsupplyanddemand,andpubliclyavailableresearchthatconfirmstherewasnomanipulation,"confirmedHoegner."Ifyouseeagroupofpeopleopeningumbrellas,thatdoesn'tmeanthattheycausedittorain."
"Tetherisproudtoplayacriticalroleinthedigitaltokenecosystem.ThismeritlesslawsuitisaninsulttotheingenuityofTether'scustomers,aswellasthesuccessandinnovationoftheindustryandallwhoplayaroleinit.BitfinexandTetherwillvigorouslydefendthemselves,theircustomers,theirstakeholders,andthecryptocommunityagainsttheseunfoundedallegationsandcontinuetocounterfictionwithfacts,"saidHoegner.
Completelycountertotheallegations,Tetherwascreatedtoestablishstability–notvolatility–inthecryptocurrencymarket.Thefirstfinancialtechnologycompanytoissuea"stablecoin,"USDTtokensarepegged1:1totheU.S.dollar,backedbyTether'sreserves.Themarketdemandforthisstablecoinhasincreasedsignificantly,withmorethanninebillionTetherincirculationtoday.Tetherispopularbecauseofitsuniquecombinationofinnovation,liquidity,andstability.
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