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USDT Stablecoin Operator Company Urges Roche Freedman To Be Fully Out Of Class Action Lawsuit

USDT Stablecoin Operator Company Urges Roche Freedman To Be Fully Out Of Class Action Lawsuit

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Major stablecoin issuer Tether asked to fire alleged Ava Labs paid attorney Roche Freedman from “Tether & Bitfinex Class Action 2019 Lawsuit”.

Bitfinex is a popular crypto exchange and Tether is a subsidiary of Bitfinex that operates USDT Stablecoin. Each USDT Stablecoin is pegged to exactly $1 and is the largest stablecoin by market cap. Many times Tether was under the radar of competing companies due to its commercial paper holdings. This year, Tether significantly reduced its holdings of commercial paper to represent USDT as the top stablecoin in the crypto market.

Recently, Debevoise & Plimpton LLP law firm Elliot Greenfield urged the court that the Roche law firm be removed from the case entirely and that they have returned or destroyed all documents provided by the defendant and have not shared them with any party, including Ava Labs.

This request from the USDT issuer comes just after Roche filed a request to withdraw its position in the Tether lawsuit. And the request to withdraw the Tether case was the response of the Roche law firm due to the Cryptoleaks report.

According to a Cryptoleaks report, Roche’s law firm Roche Freedman was fully supportive of Ava Labs, the project group behind the Avax coin. Under the fee-based agreement, the law firm defended Ava Labs against its competitor and also initiated lawsuits against competing companies to keep regulatory attention away from the Avax coin and its team.

On behalf of the Cryptoleaks report, Greenfield argued that Roche may have misused the data and that is a very big concern.

Greenfield said:

“He says he’s Ava Lab’s ‘crypto expert’ because he controls half of the companies in the industry” and “knows where this market is going because he’s seen the inside of every crypto company.” ‘

Greenfield also pointed out that the Roche Freedman company also made a variety of requests to know about inside information, although the matters were not relevant to the ongoing litigation, so we should be aware of this in advance.

The ongoing lawsuit against Tether & Bitfinex started in 2019. According to the lawsuit, Tether & Bitfinex issued unbacked USDT to manipulate cryptocurrency prices.

Also read: Stakepool operator says Cardano’s staking model is better than Ethereum

Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase

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