Tether Stablecoin Investigation
Girard Sharp is investigating potential claims on behalf of US Dollar tether token (USDt) purchasers based on reports that the coin’s promoters have been, and may still be, misleading the public as to the reserves backing the USDt coins.
If you invested in Tether Stablecoin, you may have a claim for relief.
Speak with a Girard Sharp investment fraud attorney for a free consultation by calling toll-free at (866) 981-4800 or by filling out the form below:
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More Information on Tether Stablecoin
On October 15, 2021, the Commodities Futures Trading Commission (CFTC) announced that it had settled claims with Tether’s corporate backers for $41 million. According to the CFTC, between its inception in 2014 and February 25, 2019, the promoters of Tether misled the public by falsely claiming that each of their coins was always backed by an equivalent number of U.S. dollars, when much of the time Tether lacked currency reserves to back every coin.
Only in 2019 did Tether’s promoters admit that Tether’s stablecoin was backed by assets other than currency, including commercial paper. On October 19, 2021, a financial research firm questioned whether even this reduced claim is true, expressing “doubts about the legitimacy of Tether’s backing” in part because “Tether’s claims would make it one of the largest holders of commercial paper in the world.” Yet, according to that analyst, “major trading desks stated to the press that they had never worked with [Tether] or seen them in the market.”
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For a free consultation about your potential claims, contact one of our investment fraud attorneys at (866) 981-4800 or by filling out the form above.