Topic: Tether and Bitfinex Denounce Amended Price Manipulation Lawsuit (Read 529 times)
When will this kind of lawsuits end? I mean its always about disgruntled investors pointing fingers on to someone for their losses and I don't think they have the right to blame it on someone without substantial evidence. Right away if the court sided with the plaintiffs they are admitting partially that Bitcoin is a "bubble" with their claims as much as I hate USDT and Bitfinex I don't want this decision to be made in favor of the complainants since it will just damage the reputation of Bitcoin and maybe some other cryptocurrencies that the complainants have invest in. But if they have substantial proof that Bitfinex and Tether really just created USDT to pump the market during December 2017 I don't think this is a winnable case for them.
They could well be right. Good luck proving it.
It does seem a little unusual there've been price explosions that precisely align with Bitfinex's woes emerging. Ultimately though they can only provide a spark, it's down to the rest of the world to fool themselves into joining in and at that moment it becomes a legitimate bubble.
The feeling in my willy is that Bitfinex have brazenly abused their position in the past but have gotten away with it unscathed and the truth will never emerge.
But one thing I don't buy is the Tether as pure thin air thing. I'm sure there've been phases where it's had holes, but a peg doesn't last that long without some tangible backing.
It does seem a little unusual there've been price explosions that precisely align with Bitfinex's woes emerging. Ultimately though they can only provide a spark, it's down to the rest of the world to fool themselves into joining in and at that moment it becomes a legitimate bubble.
The feeling in my willy is that Bitfinex have brazenly abused their position in the past but have gotten away with it unscathed and the truth will never emerge.
But one thing I don't buy is the Tether as pure thin air thing. I'm sure there've been phases where it's had holes, but a peg doesn't last that long without some tangible backing.
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:
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/
- 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/
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