In brief:
- Tether and Bitfinex denounce the latest lawsuit against them as baseless.
- The lawsuit alleges that Bitfinex & Poloniex manipulated the price of bitcoin by printing USDT.
The class-action lawsuit alleges that Bitfinex was behind "the largest bubble in human history
[1]" as Tether printed billions of USDT
[2] that Bitfinex used to make strategic Bitcoin purchases, which were part of large price volatility in 2017.
The lawsuit has been modified
[3] to include Bittrex and Poloniex cryptocurrency exchanges as defendants. Where the amended lawsuit stipulated the following:
“With the willing assistance of Bittrex, Inc. and Poloniex LLC, two other crypto-exchanges, Bitfinex and Tether used fraudulently issued USDT to make strategically timed, massive purchases of cryptocommodities just when the price of those commodities was falling.”
While the platform defends itself by saying, "They rushed to the conclusion that the demand for Tether translated to market manipulation."
[4]Bitfinex also claimed that plaintiffs have been clutching at straws in their bid to nail down the exchange.
Read more and source --->
https://beincrypto.com/tether-and-bitfinex-denounce-amended-price-manipulation-lawsuit/[1]
Is Bitfinex Behind the ‘Largest Bubble in History?’ $1.4 Trillion Lawsuit Says So[2]
https://beincrypto.com/tether-treasury-has-issued-over-2-2-billion-usdt-on-tron/[3]
https://www.courtlistener.com/docket/16298999/110/in-re-tether-and-bitfinex-crypto-asset-litigation/[4]
https://tether.to/tether-and-bitfinex-denounce-baseless-lawsuit-designed-to-undermine-the-cryptocurrency-community/