Bitfinex Tether Class Action Lawsuit filed! The Bitfinex Tether Class Action Lawsuit accuses the aforementioned of cryptocurrency market manipulation.
Roche Freedman, a New York baser Lawfirm Giles the suit claiming that Tether and Bitfinex have engaged in defrauding investors, manipulating markets, and concealing illicit profits. Kyle Roche, the founding partner, tweeted today.
In the tweet, Roche accused Tether and Bitfinex of creating the “largest bubble in history.”
Filed on Oct. 6, the complaint document states that Bitfinex and Tether primarily engaged in a “sophisticated scheme” involving “part-fraud, part-pump-and-dump, and part-money laundering.”
In the lawsuit, Roche Freedman argues that Tether’s claim of backing the number of USDT with equal USD reserves was a lie. The document reads:
“Because the market believed the lie that one USDT equaled one U.S. dollar, Bitfinex and Tether had the power to, and did, manipulate the market on an unprecedented scale to profit from boom-and-bust cycles they created.”
What do you think? With the rise of Stablecoins, USDT was the primary stablecoin used in the historic 2017 Cryptocurrency Bull Run. We’ve also talked about Tether and their claims before. Who’s right? Let us know what you think on our Facebook page!