CDS Crypto News Tether shareholder takes legal action against WSJ for defamation
Crypto News

Tether shareholder takes legal action against WSJ for defamation

Harborne, who holds a 13% stake in the crypto firm Tether, asserts that he does not occupy any executive positions within Tether or Bitfinex.

175
Tether Shareholder Takes Legal Action Against Wsj For Defamation

Crypto News– The Wall Street Journal (WSJ) is currently facing a defamation lawsuit regarding claims made in a 2023 article accusing Tether and Bitfinex of engaging in illegal activities.

Tether shareholder takes legal action against WSJ for defamation

The lawsuit was filed against Dow Jones & Company Inc. (the parent company of WSJ) on February 28 in the Superior Court of the State of Delaware, New Castle County, by Christopher Harborne. Harborne, a Tether shareholder with a 13% stake in the crypto firm, filed the lawsuit through AML Global Ltd., which operates in the British Virgin Islands, Hong Kong, and Wyoming.

Harborne clarified that he holds no executive positions at Tether or Bitfinex and acquired his stake solely through Bitfinex’s 2016 hack reimbursement plan. The February 2023 article alleged that “backers” of Bitfinex employed “shadowy intermediaries, falsified documents, and shell companies” to maintain banking access in late 2018 amid internal conflicts.

The lawsuit contends that the Journal and its reporters falsely accused Harborne and AML Global of fraud, money laundering, and financing terrorism, despite having documentation that purportedly disproves or challenges these accusations.

Despite these legal challenges, the Tether-issued USDT stablecoin has witnessed a market gain exceeding $20 billion in value, with Tether reporting a net profit of over $2.8 billion in Q4 2023. This sustained profitability is largely attributed to passive income from the US Treasury securities backing Tether’s reserves.

Tether Shareholder Takes Legal Action Against Wsj For Defamation

Leave a comment

Leave a Reply

Related Articles

Sui Blockchain Faces First Major Outage: What Happened and What’s Next

Sui blockchain faces its first major outage—learn what happened, the impact on...

MicroStrategy Stock Reaches New High as Bitcoin Surges Above $98,000

MicroStrategy’s stock surged to a new all-time high as Bitcoin reached $98,000,...

Mysten Labs Resolves Sui Blockchain Outage, dApps Resume Functioning

Mysten Labs Resolves Sui Blockchain Outage, dApps Resume Functioning

Top 3 Cryptos on November 21: Qubetics Soars as Ethereum and Solana Face Resistance

Top 3 Cryptos on November 21: Qubetics Soars as Ethereum and Solana...