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A class-action lawsuit has been filed against two major crypto exchanges- Poloniex and Bittrex. The lawsuit claims that USDT formed out of thin air was the main reason behind the crypto bull run of 2017.
The plaintiffs assert that Bittrex and Tether propelled the 2017 crypto bull run through market orchestration. They have demanded the issuance of summons to the aforesaid digital asset exchanges.
It is to be noted that the lawsuit was originally filed in October 2019. It claims that Bitfinex and its associated concern Tether magnified the supply of USDT without appropriate backing of the US dollar in order to upsurge the prices of digital currencies throughout the 2017 crypto bull.
The Plaintiffs have demanded that the Court award rational expenses of suit, judgment interest, and judicious fees of attorneys.
The aforementioned lawsuit asserts,
“[Tether] issued billions of USDT to itself with no U.S. dollar backing — simply creating the USDT out of thin air.”
The lawsuit further mentions that the USDT was used to buy digital currencies leading in prices “to spike far above their legitimate value in the largest bubble in human history, and ultimately resulting in billions of dollars of damage to innocent crypto commodity purchasers”.
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