Second Lawsuit Drags Bitfinex, Tether to Court for BTC Price Manipulation
- The lawsuits were based on a study by two academics.
Crypto exchange Bitfinex on Sunday rejected all claims made against it in another class-action lawsuit filed last week.
Per Bitfinex, this is a “copycat” brought in by mercenary lawyers against the exchange and its sister company Tether for manipulating Bitcoin prices using the stablecoin.
The lawsuit filed on Friday in the US District Court for the Western District of Washington is the second of its kind as a bunch of lawyers already dragged the exchange to US District Court for the Southern District of New York in October with similar allegations.
“As we predicted last month, mercenary lawyers continue to try to use Bitfinex and Tether to obtain a payday,” the exchange stated.
“To be clear, there will be no nuisance settlements or settlements of any kind reached. Instead, all claims raised across both actions will be vigorously contested and ultimately disposed of in due course. Once they are, Bitfinex and Tether will fully evaluate their legal options against those bringing and promoting the baseless claims.”
The controversial duo of crypto
Bitfinex and Tether both are operated by a single parent company - iFinex - and has the same executives controlling the companies and are laden with controversies.
Research published earlier by two academics revealed that the Tether was used to manipulate Bitcoin prices, which led to its rally in 2017. Moreover, the market manipulation was done on Bitfinex, putting both the companies under scrutiny.
Bitfinex and Tether, however, quashed all claims made against them in the paper and called the study “foundationally flawed.”
“Bitfinex and its Affiliates Affiliates Affiliates serve as an essential component of a broker’s client acquisition tactics and marketing. One of the most important functions of affiliate marketers is the sending of leads to the broker, which are directly opening an account or visiting the broker’s website. There are several ways in which brokers are compensating affiliates based on the number and type of clients they refer to the company and whether or not or how much they end up depositing.Understanding CPA or Cost Per Acquisition T Affiliates serve as an essential component of a broker’s client acquisition tactics and marketing. One of the most important functions of affiliate marketers is the sending of leads to the broker, which are directly opening an account or visiting the broker’s website. There are several ways in which brokers are compensating affiliates based on the number and type of clients they refer to the company and whether or not or how much they end up depositing.Understanding CPA or Cost Per Acquisition T Read this Term have never used Tether tokens or issuances to manipulate the cryptocurrency market or token pricing,” Bitfinex noted. “It is irresponsible to suggest that Tether or Bitfinex enable illicit activity due to the efficiency, Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term and wide-scale applicability of Tether's products within the cryptocurrency economy.”
Crypto exchange Bitfinex on Sunday rejected all claims made against it in another class-action lawsuit filed last week.
Per Bitfinex, this is a “copycat” brought in by mercenary lawyers against the exchange and its sister company Tether for manipulating Bitcoin prices using the stablecoin.
The lawsuit filed on Friday in the US District Court for the Western District of Washington is the second of its kind as a bunch of lawyers already dragged the exchange to US District Court for the Southern District of New York in October with similar allegations.
“As we predicted last month, mercenary lawyers continue to try to use Bitfinex and Tether to obtain a payday,” the exchange stated.
“To be clear, there will be no nuisance settlements or settlements of any kind reached. Instead, all claims raised across both actions will be vigorously contested and ultimately disposed of in due course. Once they are, Bitfinex and Tether will fully evaluate their legal options against those bringing and promoting the baseless claims.”
The controversial duo of crypto
Bitfinex and Tether both are operated by a single parent company - iFinex - and has the same executives controlling the companies and are laden with controversies.
Research published earlier by two academics revealed that the Tether was used to manipulate Bitcoin prices, which led to its rally in 2017. Moreover, the market manipulation was done on Bitfinex, putting both the companies under scrutiny.
Bitfinex and Tether, however, quashed all claims made against them in the paper and called the study “foundationally flawed.”
“Bitfinex and its Affiliates Affiliates Affiliates serve as an essential component of a broker’s client acquisition tactics and marketing. One of the most important functions of affiliate marketers is the sending of leads to the broker, which are directly opening an account or visiting the broker’s website. There are several ways in which brokers are compensating affiliates based on the number and type of clients they refer to the company and whether or not or how much they end up depositing.Understanding CPA or Cost Per Acquisition T Affiliates serve as an essential component of a broker’s client acquisition tactics and marketing. One of the most important functions of affiliate marketers is the sending of leads to the broker, which are directly opening an account or visiting the broker’s website. There are several ways in which brokers are compensating affiliates based on the number and type of clients they refer to the company and whether or not or how much they end up depositing.Understanding CPA or Cost Per Acquisition T Read this Term have never used Tether tokens or issuances to manipulate the cryptocurrency market or token pricing,” Bitfinex noted. “It is irresponsible to suggest that Tether or Bitfinex enable illicit activity due to the efficiency, Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term and wide-scale applicability of Tether's products within the cryptocurrency economy.”