The second amended complaint, filed in the Southern District of New York (SDNY) on Monday, accuses Tether and its sister crypto exchange Bitfinex of operating a “sophisticated scheme to artificially inflate the price of cryptocurrencies” by pushing Tether’s dollar-backed stablecoin, USDT, into the cryptomarket without it being fully backed by U.S. dollars, therefore “creating the illusion of increased demand” for cryptocurrencies, “facilitating trading of [cryptocurrencies] on credit and loaned funds” and ultimately driving up crypto prices.
Source link
This article was complied with AI assistance and reviewed by an editor. More information can be found in our T &C
