The ruling, which was made in the early stages of the class action suit, cited a lack of legal merit on the plaintiff’s side. As such, their lawsuit was void.
The lawsuit was filed at a time when crypto companies have become victims of attacks aimed at discrediting their operations. A ruling against the company, especially in terms of its stablecoin operations, would likely have had a negative impact on USDT, perhaps triggering liquidity outflows. Glassnode’s USDT flow data reveals that there were more USDT receiving addresses than sending addresses. This reflects the prevailing market conditions marked by low demand for cryptocurrencies. As a result, more traders have beenWhile Tether’s win against the class action suit represents good news, USDT has somehow managed to find itself in the middle of another controversy. Recent reports revealed thatpolice are currently investigating offshore exchanges.
Exclusive: Recently, a large number of senior executives of offshore cryptocurrency exchanges, such as CTO CHO, have been detained and investigated by the Chinese police for allegedly providing fund payment and settlement services for gambling websites.What’s more interesting about the investigation is that the offshore exchanges and gambling sites moved over $7.6 billion USDT in the last 12 months.
Claims about cryptocurrencies and stablecoins being involved in money laundering are bound to occur after such incidents. However, the reality is that it is much easier to trade transactions used for malicious intent using stablecoins. In other words, USDT will make it easier for investigators to track transactions.
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