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24 March 2023
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Tether (USDT) Whale Alert on 25M $USDt swapped to $EOS and a Look in to the Law Suit

Whale Alert expressed that 25,000,000 #USDT (25,172,567 USD) was minted at Tether Treasury.

In response, Paolo Ardoino tweeted:  “25M $USDt swapped to $EOS” Further Tweeting:  “Here we go $EOS community.”

Some of them felt that it was too little and others were like “In Paolo we trust.”

Tether very recently tweeted about how amid these uncertain and challenging times, the utility, security and viability of digital currencies have come to the forefront. People are looking for alternatives to antiquated banking and payment systems. As the biggest, most liquid and technologically innovative.

Also expressed, Stablecoin, Tether is a prime example of how global markets can operate more efficiently by leveraging blockchain technology, and represents a payments rail that’s actually built for the future of business and innovation.

Sydney Ifergan, the crypto expert tweeted:  “Tether (USDT) have been forever good when it comes to coordinating a third party to perform chain swaps. And, when they do it they state Tether total supply will not change during this process.”

Good to recollect, they recently went live on the OMG Network.  Tether are continuing to do a great job of bridging the gap between crypto and the fiat.  They have time and again proved how Tether USDT can be transferred very quickly. Also, we cannot deny that they are more stable and useful when preserving the value invested when compared to other cryptocurrencies.

Tether (USDT) and iFinex Law Suit

Looking in to the Law SuitTether and its affiliate exchange group iFinex have submitted requiring the market manipulation suit to be dismissed.  They point to how the plaintiffs did not prove the billions of dollars of unbacked stablecoins having entered the market.

They filed this motion on Thursday in response to a class action suit which calls accuses them of being deceptive, anti-competitive and market-manipulative behavior.  They required that is should be dismissed with prejudice.

The Tether representative lawyers in a supporting memorandum argued by stating that the case falls down partly because of the accusation that Tether printed its USDT stablecoins without any actual backing and stated that it is based on “unfounded allegations,” as opposed to being based on a direct knowledge of the matter.

The lack of collateralized reserves is a point of concern in most of the cases filed so far. Notably, Tether is working with a circulating supply of more than 10 billion USDT, which is mostly aimed to sustain a value of $1 each.

News Source

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