The biggest stablecoin issuer company Tether requested to kick out the alleged Ava Labs paid law firm, Roche Freedman, from the “Tether & Bitfinex class action lawsuit 2019”.
Bitfinex is a popular crypto exchange and Tether is a subsidiary of Bitfinex, which operates USDT Stablecoin. Each USDT Stablecoin is pegged by exactly equal to the value of $1 and it is the biggest stablecoin by whole market cap. Many times Tether was under the radar of rival companies because of its commercial papers holdings. This year, Tether significantly reduced its commercial paper holdings, to represent USDT as the best Stablecoin in the crypto market.
Recently Debevoise & Plimpton LLP law firm’ Elliot Greenfield urged the court that Roche’s law firm be removed from the case fully and also to ensure that they’ve returned or destroyed all defendant-issued documents and have not shared them with any party, including Ava Labs.
This request by the USDT issuer came just after Roche submitted a request to withdraw its stand in the Tether lawsuit. And the withdrawal request from the Tether case was a response by the Roche’ law firm because of the report of Cryptoleaks.
According to the report of Cryptoleaks, Roche’s law firm Roche Freedman was fully backed by Ava Labs, a project team behind Avax coin. Under the paid deal, the law firm was protecting Ava Labs against its rival and also initiating lawsuits against the rival companies to keep the attention of regulatory bodies away from Avax coin & its team.
On behalf of the Cryptoleaks report, Greenfield claimed that Roche may have misused the information and it is a very big concern.
“He states that he is Ava Lab’s ‘crypto expert’ because he ‘su(s) half the companies in the space’ and ’know(s) where this market is going because he has ‘seen the insides of every single crypto company.’
Greenfield also pointed out that Roche Freedman firm also filed many types of requests to know about the internal information, even though that things were not important in the ongoing lawsuits, So here we should remain aware in advance.
The lawsuit which is going on in court against Tether & Bitfinex was initiated in 2019. As per the lawsuit, Tether & Bitfinex issued unbacked USDT to manipulate the price of crypto assets.