Poloniex and Bittrex have been implicated in the USDT market manipulation scheme and both exchanges have been added to the Tether class-action lawsuit as we are reading further in our Tether USDT news.
The lawsuit claims unbacked USDT printing caused the 2017 bull run so the Tether controversy has duplicated in multiple parties. Crypto exchanges Poloniex and Exchanges have been issued a summons as a part of the Tether lawsuit alleging that both exchanges were aware of the USDT questionable dollar backing. The original lawsuit filed against the Bitfinex crypto exchange and Tether accused the defendants of printing USDT coins without fiat backing.
The Tether printing according to the lawsuit, contributed to the 2017 bull run but the plaintiffs claim that the unbacked USDT caused crypto asset 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.”
The plaintiffs have now dragged Poloniex and Bittrex into the lawsuit. The claims argue that the two crypto exchanges facilitated Tether and Bitfinex into placing a huge purchase on their platforms. The added complaint stated:
“With the willing assistance of Bittrex, Inc. (“Bittrex”) and Poloniex LLC (“Poloniex”), two other crypto-exchanges, Bitfinex and Tether used fraudulently issued USDT to make strategically timed, massive purchases of cryptocommodities just when the price of those commodities was falling.”
On behalf o the class investors that are alleged to have suffered economic losses due to Tether and Bitfinex market manipulation, the five claimants argued that the exchanges ‘’worked closely with Tether and adopted the guarantee that each USDT is backed by one US dollar.’’ Tether and Bitfinex were at the center of the USDT controversy and are now seeking to have the lawsuit dismissed. The parent company Digifinex and Crypto Capital Corp have also been named in the civil suit.
As per the recent Tether news, Bitfinex integrated Tether’s USDT on the OMG network which will enable peer-to-peer transactions in real-time which will also increase the scalability of the Ethereum network. Tether and Aave protocol recorded a major increase in the demand for the USDT token, attributed to the growing interest in Defi applications. The blockchain-powered platform and the Aave open-source protocol have reported a huge increase in USDT demand, thanks to the increase in interest in decentralized finance applications.
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