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Consumer Alert: Lowey Dannenberg, P.C., Investigates Claims Against Cryptocurrency Issuer, Tether Limited

10/21/2021 | 03:48pm EST

NEW YORK, Oct. 21, 2021 (GLOBE NEWSWIRE) -- Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors, is investigating consumer claims for violation of consumer protection statutes by Tether Limited, as well as its affiliates iFinex Inc., BFXNA Inc., and BFXWW Inc. (d/b/a Bitfinex). 

If you purchased the cryptocurrency Tether (USDT), you may contact Lowey Dannenberg attorneys at (914) 733-7256 or via email at investigations@lowey.com.   

Tether Limited is the issuer of the cryptocurrency Tether. Tether is the third largest cryptocurrency by market capitalization and the most popular “stablecoin” on the market. Tether is considered a “stablecoin” because Tether Limited represents that, for each Tether token on the market, the company holds an equal amount of traditional currency in reserves. Based on these representations, consumers purchase Tether because it is purportedly less volatile than other cryptocurrencies on the market.

However, an investigation by the CFTC revealed that Tether tokens are not “backed 1-to-1 by traditional currency” held in Tether Limited’s reserves. In fact, Tether Limited only held sufficient fiat reserves to back Tether for 27.6% of the time between 2016 and 2018. A settlement agreement between Tether and the New York Attorney General revealed that, at times, Tether Limited held no reserves whatsoever to back Tether.

Our investigation concerns whether Tether Limited’s representations regarding Tether constitute deceptive and unfair trade practices violating the consumer protection laws of various states. 

If you purchased Tether, you may have legal claims against Tether Limited and its affiliate Bitfinex. To participate, learn more, or discuss the issues surrounding the investigation, please contact our attorneys at (914) 733-7220 or via email at investigations@lowey.com.   

About Lowey Dannenberg

Lowey Dannenberg is a national firm representing institutional and individual investors, public funds, organizations, and other entities, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws, and consumer protection laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has previously recovered billions of dollars on behalf of its clients.

Contact

Lowey Dannenberg P.C.
44 South Broadway, Suite 1100 
White Plains, NY 10601
Tel: (914) 733-7220
Email: investigations@lowey.com


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