#libra#Binance
08/10/19 03:50 UTC-4

Bitfinex & Tether accused of $1.4 trillion crypto market manipulation

OtherA lawsuit against iFinex Inc. and its subsidiaries
A lawsuit against iFinex Inc. and its subsidiaries

iFinex Inc. and its subsidiaries have been collectively sued for more than $1.4 trillion in the US District Court for the Southern District of New York.

A lawsuit against Bitfinex and Tether

The lawsuit alleges that Bitfinex and Tether manipulated the cryptocurrency market and caused “the largest financial bubble in human history.” They violated the US Commodity Exchange Act, the RICO (Racketeer Influenced and Corrupt Organizations) Act, and money laundering law. Moreover, they engaged in Pump & DumpPump & Dump
– is a manipulative gambling scheme with a view to making quick money. The essence of the scheme is an artificial increase in the exchange rate of the currency on the market, the stock exchange with its subsequent collapse, or vice versa: a collapse followed by a rise. Details
schemes, market manipulation of USDT issue, and investor fraud.

“Calculating damages at this stage is premature, but there is little doubt that the scale of harm wrought by the Defendants is unprecedented. Their liability to the putative class likely surpasses $1.4 trillion U.S. dollars,” the lawsuit says.

The plaintiffs who have made this charge are David Leibowitz, Benjamin Leibowitz, Jason Leibowitz, Aaron Leibowitz, and Pinchas Goldshtein. They are represented as legal entities by Roche Freedman, known for its victory in the Craig Wright case.

Interesting in the section: The Coinbase Legal Counsel defends the Cryptocurrency Rating Council

  • Bitfinex cryptocurrency tradingTrading
    – is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details
    platform has announced that it is updating the price mechanism that will apply to BTCF0/USDt0 and ETHF0/USDt0.

See also: "BitGo enters the market, offering up to 13% of annual revenue"

#Bitfinex #Tether #accusation #court #cryptocurrency

Editor: Yuliya Soroka
Comments

Similar

14/09/19 10:44 UTC-4

The English football club made bitcoin a symbol of the team

​Watford English Premier League Football Club will place the bitcoin sign on the sleeves of its players. The club made this decision after entering into a partnership with the Sportsbet.io crypto-platform, which specializes in betting.