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Bitfinex Market Manipulation: Accusation Dropped

An accusation claiming that Tether and Bitfinex market manipulation on the Bitcoin price has been dropped.

A complaint published in the Western District of Washington on Jan. 7 reveals that in their lawsuit against Tether and Bitfinex’s parent company iFinex, the plaintiffs Eric Young and Adam Kurtz opted for voluntary dismissal. The lawsuit was first filed on Nov. 22, 2019.

The complainants, both of whom stated to be Bitcoin investors, claimed that Bitfinex and Tether provided incorrect information and “controlled and conspired to monopolize the Bitcoin market.” They as well accused the defendants of manipulating the price by printing unbacked tethers, drawing heavily on the case brought by the New York Attorney General last April.

The original filing:

“When Bitcoin prices were falling, Defendants and their co-conspirators printed USD₮s and artificially increased the price of Bitcoin”

“Once Defendants and their co-conspirators artificially inflated the price of Bitcoin, Defendants and their co-conspirators then converted the Bitcoin back into USDT’s to replenish Tether’s reserves.”

Bitfinex Market Manipulation

Bitfinex Market Manipulation: Denied

Bitfinex denied the charges, described the argument as “mercenary and baseless,” and stated that they would challenge any “nuisance settlements.” A Bitfinex spokesman declined to comment on the case’s drop.

Why the plaintiffs agreed to drop the case is not yet clear. U.S. law allows them to re-file the case, but when rejected for the second time, it can never be brought to court again.

Tether published a letter of intent in November to submit a motion to dismiss a separate class action seeking retribution for controlling the bitcoin price, stating more than $1 trillion in damages. The document, published more than a month later, claimed that the complainants could not demonstrate the participation of Tether or Bitfinex.

This is another case with “Bitfinex Market Manipulation” that ends in favor of Tether and Ifinex.

Although the judge does not sign the dismissal paper, the case is dismissed on Pacer, the U.S. court filings.

Find the full article here.

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