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Legal battle over securing USDT reserves ends

Tether stablecoin issuing company reported to completely dismiss the case related to the class action complaint regarding USDT reserves. The plaintiffs decided not to appeal the decision of the District Court for the Southern District of New York.

In January 2021, Matthew Anderson and Sean Dolifka filed a lawsuit against Tether and Bitfinex. They alleged that the firms were defrauding customers and publishing false information about USDT reserves.

The case was pending for several years, but in August 2023, Southern District of New York Judge Laura Taylor Swain denied a motion to amend the class action.

The applicants then decided not to appeal the decision and abandon further proceedings.

In August, Tether provided an updated reserve report. According to the document, the company maintains a liquidity reserve of $3.29 billion. At the same time, the issuer’s consolidated assets amount to $86.1 billion, liabilities — $82.8 billion.

Source: Cryptocurrency

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