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Cryptocurrency Ecosystem => Crypto Exchanges => Bitfinex => Topic started by: Galaxy on September 04, 2020, 09:19:23 PM

Title: Tether, Bitfinex File Motion to Dismiss Market Manipulation Lawsuit
Post by: Galaxy on September 04, 2020, 09:19:23 PM

Tether and affiliate exchange group iFinex have called for a market manipulation suit to be dismissed – partly, they say, because plaintiffs don’t prove that billions of dollars of unbacked stablecoins did actually enter the market.

Lawyers for Tether and iFinex – the parent firm of the Bitfinex exchange – filed a motion Thursday calling for a class action accusing them of deceptive, anti-competitive and market-manipulative behavior to be dismissed with prejudice.
Info Link: https://www.coindesk.com/tether-bitfinex-market-manipulation-class-action

Title: Re: Tether, Bitfinex File Motion to Dismiss Market Manipulation Lawsuit
Post by: highnayem34 on September 06, 2020, 10:00:50 PM

Claiming they had lost money as a result, the plaintiffs alleged in a complaint last October that over five years Tether issued as much as $3 billion-worth of unbacked USDT tokens, which Bitfinex then used to purchase cryptocurrencies on the open market to prop prices up during market downturns.
Per the complaint, this allegedly caused the total market cap of cryptocurrencies to skyrocket to $795 billion in late 2017.