Tether in hot soup again, faces second class-action lawsuit this year
moneycontrol.comStablecoin issuer Tether has yet again found itself locked in a legal tangle with accusations of falsely representing its stablecoin backing.
Another class-action lawsuit had earlier this year alleged immoral, unethical, oppressive and unscrupulous company practices, reported Decrypt, a news outlet reporting on cryptocurrency.
Tether has, for long, claimed that it has, at all times, been backed by a 1:1 dollar reserve, which means that for every 1 USDT, the company necessarily needs to have $1 in their reserve.
The company has claimed the same on their website as well, stating that it is “100 percent backed by reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables”.
The
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