A New York Southern District Court judge rejected a request for a change of court from the man who filed a class action lawsuit against the companies Tether and Bitfinex. The complaining party did not raise any objection to this request of the judge. After this decision, the case was dropped in favor of Tether and Bitfinex companies.

In a statement provided by the Tether company, “Complainants and Dolifka do not object to the judge’s decision in the face of Shawn Dolifka’s unjustified claims. As a result the judge dropped the case,” it was said.

Complainant Dolifka claimed that Tether Company’s statement that USDT was directly backed by US dollars was not true.

As you may recall, Tether announced in its third quarter report published last month that 85.7 percent of its total reserves were made up of cash and cash equivalent assets. This figure was the highest cash rate ever announced by Tether.

The market cap of the largest stablecoin, USDT, is currently around $87 billion. The figure for USDT2’s closest rival USDC is around $24 billion.

It was published:

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