NEW YORK, Oct. 21, 2021 (GLOBE NEWSWIRE) — Lowey Dannenberg P.C., a preeminent legislation agency in acquiring redress for shoppers and traders, is investigating client claims for violation of client safety statutes by Tether Restricted, in addition to its associates iFinex Inc., BFXNA Inc., and BFXWW Inc. (d/b/a Bitfinex).
If you happen to bought the cryptocurrency Tether (USDT), you might contact Lowey Dannenberg attorneys at (914) 733-7256 or through e mail at investigations@lowey.com.
Tether Restricted is the issuer of the cryptocurrency Tether. Tether is the third largest cryptocurrency by market capitalization and the preferred “stablecoin” in the marketplace. Tether is taken into account a “stablecoin” as a result of Tether Restricted represents that, for every Tether token in the marketplace, the corporate holds an equal quantity of conventional forex in reserves. Primarily based on these representations, shoppers buy Tether as a result of it’s purportedly much less unstable than different cryptocurrencies in the marketplace.
Nonetheless, an investigation by the CFTC revealed that Tether tokens are usually not “backed 1-to-1 by conventional forex” held in Tether Restricted’s reserves. In truth, Tether Restricted solely held ample fiat reserves to again Tether for 27.6% of the time between 2016 and 2018. A settlement settlement between Tether and the New York Legal professional Common revealed that, at instances, Tether Restricted held no reserves by any means to again Tether.
Our investigation considerations whether or not Tether Restricted’s representations concerning Tether represent misleading and unfair commerce practices violating the patron safety legal guidelines of varied states.
If you happen to bought Tether, you’ll have authorized claims in opposition to Tether Restricted and its affiliate Bitfinex. To take part, be taught extra, or talk about the problems surrounding the investigation, please contact our attorneys at (914) 733-7220 or through e mail at investigations@lowey.com.
About Lowey Dannenberg
Lowey Dannenberg is a nationwide agency representing institutional and particular person traders, public funds, organizations, and different entities, who suffered monetary losses ensuing from company fraud and malfeasance in violation of federal securities and antitrust legal guidelines, and client safety legal guidelines. The agency has important expertise in prosecuting multi-million-dollar lawsuits and has beforehand recovered billions of {dollars} on behalf of its purchasers.
Contact
Lowey Dannenberg P.C. 44 South Broadway, Suite 1100 White Plains, NY 10601 Tel: (914) 733-7220 Electronic mail: investigations@lowey.com
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