Tether and Bitfinex decry expected "meritless and mercenary" cryptocurrency market manipulation lawsuit

Tether and Bitfinex Expect a Market Manipulation Lawsuit Official

Tether and Bitfinex Expect a Market Manipulation Lawsuit Official

The lawsuit claims that iFinex - parent company of Bitfinex - BFXNA Inc, BFXWW Inc, Tether Holdings Ltd, Tether Operations Ltd, Tether Ltd, Tether International Ltd and a number of related individuals used cryptocurrency to "defraud investors, manipulate markets, and hide illicit proceeds". According to the, Tether minted 2.8 billion USDT from 2017 to 2018 and used the token to "flood the Bitfinex exchange and purchase other cryptocurrencies".

Kyle Roche and Velvel Freedman filed a class-action lawsuit in the Southern District of NY alleging more than $1.4 trillion in damages suffered by plaintiffs David Leibowitz, Jason Leibowitz, Benjamin Leibowitz, Aaron Leibowitz, Pinchas Coldshtein and "all other similar situated".

The complaint was filed on October 6 and states that Bitfinex and Tether created and accomplished a "sophisticated scheme" involving "part-fraud, part-pump-and-dump, and part-money laundering".

Almost 300 arrests confirmed during first day of disruption in central London
Val Harvey said: "I'm 81 years old and I've been on an ecological and environmentalist journey for a long time". In the Netherlands, 50 people were arrested after they erected a tent to block a road in central Amsterdam .

This time, a New York-based law firm, Roche Freedman LLP has slapped a lawsuit against iFinex and associated companies and individuals, accusing them of collectively using cryptocurrency to "defraud investors, manipulate markets, and hide illicit proceeds". Their liability to the putative class likely surpasses $1.4 trillion United States dollars.

Tether and Bitfinex both stated that they would actively battle lawyers if they use the paper to start a lawsuit, which they alleged to contain "baseless accusations". They're are represented by law firm Roche Freedman, known for their work in the Craig Wright case. As a result of this, the demand for cryptocurrencies got artificially inflated and caused the massive surge in cryptocurrency prices.

The lawsuit didn't take Bitfinex and Tether by surprise, as both companies have issued statements a few days ago. In separate statements (Tether's is here, Bitfinex's is here) the companies say that the lawsuit is based on research from a "bogus study" that is full of "cherry-picked and incomplete data" claiming Tether has been used to manipulate cryptocurrency markets.

Recommended News

  • Joker Opening Scene Broken Down By Todd Phillips

    Joker Opening Scene Broken Down By Todd Phillips

    He also talked about the importance of Phoenix's run as Arthur Fleck, and how perfectly it summed up the character as a whole. As the Todd Phillips directorial began screenings, the film's collections have only been soaring.
    Mars' vast saltwater lakes evaporated around 3.3billion years ago

    Mars' vast saltwater lakes evaporated around 3.3billion years ago

    After the sediment hardened, wind carved the layered rock into the towering Mount Sharp, which Curiosity is climbing today. We're certainly not to a point where we can say that life definitely existed on Mars, but we're getting closer.
    How to watch Miami (Fla.) vs. Virginia Tech

    How to watch Miami (Fla.) vs. Virginia Tech

    Virginia Tech: The Hokies avoided their worst start in conference play since 1951 - when they were in the Southern Conference. The Miami football team's inability to contain Hooker on the ground was a large factor in the Hokies' success on third down.
  • Al Qaeda leader for the Indian subcontinent killed in South of Afghanistan

    Al Qaeda leader for the Indian subcontinent killed in South of Afghanistan

    A top al-Qaeda leader has been killed in a joint US-Afghan military operation, according to Afghanistan's intelligence agency. The middle-aged Umar was relatively unknown when he was picked to lead the newly created AQIS in 2014.
    Brexit deal is

    Brexit deal is "essentially impossible" ever, says Downing Street source

    The pound tumbled to the weakest level in a month versus the euro after the official briefed on the contents of the call. A spokesman for the German chancellor confirmed the call had taken place but declined to comment further.
    United Kingdom  to publish updated no-deal Brexit tariffs shortly -minister

    United Kingdom to publish updated no-deal Brexit tariffs shortly -minister

    Barclay reiterated pm Sunday that the government would comply with the legislation. But he remained unconvinced and promised to launch an appeal.
  • Senators acquire Vladislav Namestnikov from Rangers

    Senators acquire Vladislav Namestnikov from Rangers

    The Rangers traded the Russian forward to the Senators in exchange for AHL defenseman Nick Ebert and a fourth-round pick in 2021. Namestnikov, a 2011 first-round pick, recorded 11 goals and 31 points with NY last season.
    Jennifer Aniston and Courteney Cox Have Rare 'Friends' Reunion With Matt LeBlanc

    Jennifer Aniston and Courteney Cox Have Rare 'Friends' Reunion With Matt LeBlanc

    We might be in different places but we are connected", while Matt LeBlanc posted: "Celebrating a Thursday night 25 years ago. The " Friends " actor posed with former co-stars Jennifer Aniston and Matt LeBlanc on Saturday night.

    Cowboy Bebop's live-action Ein announces start of filming on Netflix series

    Cowboy Bebop is the story of this group of sci-fi misfits hunting down criminals in their solar system. The streaming service posted a YouTube video on Monday of the series' first day on set.
  • Goodyear Blimp offers overnight stays before Michigan-Notre Dame

    It was even named an honorary member of the College Football Hall of Fame this year, the first non-player or coach to do so. For around $150/night, people will have the chance to visit the hangar in OH and stay overnight on October 22, 23 and 24.
    Ehlinger's four TDs propel No. 11 Texas past West Virginia

    Ehlinger's four TDs propel No. 11 Texas past West Virginia

    Meanwhile, Texas is coming off a Big 12 opener win over the Oklahoma State Cowboys that happened at Darrell K. As you could imagine, Cosmi was "giddy" about the play.
    Amazon Introduces Fire HD 10, Kindle Kids Edition, More

    Amazon Introduces Fire HD 10, Kindle Kids Edition, More

    The company's latest Fire HD 10 tablet features a new octa-core processor clocked at 2.0GHz that's supported by 2GB of RAM. It's rechargeable via USB-C (2.0) and boasts up to 12 hours of mixed battery life on a single charge.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.