{"id":344931,"date":"2024-07-16T04:18:36","date_gmt":"2024-07-15T22:48:36","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=344931"},"modified":"2024-07-16T04:18:36","modified_gmt":"2024-07-15T22:48:36","slug":"tether-and-bitfinex-dragged-in-amended-class-action-lawsuit-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/tether-and-bitfinex-dragged-in-amended-class-action-lawsuit-crypto-news\/","title":{"rendered":"Tether and Bitfinex Dragged In Amended Class Action Lawsuit – Crypto News"},"content":{"rendered":"

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Stablecoin issuer Tether and cryptocurrency exchange Bitfinex have been caught up in an amended class action lawsuit. Both firms are currently facing allegations bordering on market manipulation.<\/p>\n

Recent Tether And Bitfinex Case Comes With 3 Cause Actions<\/h2>\n

In a recent filing<\/a> with the United States District Court Southern District of New York, Tether and Bitfinex were accused of market manipulation<\/a> and violation of antitrust laws. To put it in perspective, the two crypto companies are accused of violating the Commodities Exchange Act (CEA) via market manipulation, monopolization, and agreement in restraint of trade.<\/p>\n

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The lawsuit was brought upon them by Matthew Script, Benjamin Leibowitz, Jason Leibowitz, Aaron Leibowitz, and Pinchas Goldshtein, who were all named \u201cPlaintiffs\u201d in the suit. The latest filing is a new, slimmed-down second complaint that is part of an ongoing class action lawsuit.<\/p>\n

As seen in the filing, Tether and its sister crypto exchange \u201cexecuted a sophisticated scheme to fraudulently inflate the price of crypto commodities, a class of crypto-assets that includes bitcoin.\u201d Tether allegedly achieved this by pushing its USD-backed stablecoin USDT into the crypto market while not fully backed.<\/p>\n

By doing this, it created the illusion of increased cryptocurrency demand in the market. Thereby, \u201cfacilitating trading of [cryptocurrencies] on credit and loaned funds\u201d and ultimately driving up crypto prices. This follows two initial legal complaints<\/a> filed in the same case; the first one was in 2019\u00a0 and an amended crypto lawsuit<\/a> followed the next year. They were both overseen by\u00a0U.S. District Judge Katherine Polk Failla.<\/p>\n

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While the first compliant contained eight causes of action, the amended copy held twelve causes of actions. This further confirming that the most recent iteration is a slimmed version.<\/p>\n

Original Counsel Removed in Tether Suit<\/h2>\n

Overall, this particular lawsuit has faced several drawbacks in the past. These includes the removal of crypto law firm Roche Freedman originally representing the plaintiffs.<\/p>\n

The removal comes off as necessary after unsavory video recordings of cryptocurrency lawyer Kyle Roche leaked. Roche doubles as the founder of the law firm made it way to the public two years ago. Precisely, Roche was seen admitting to filing frivolous lawsuits to help his clients win cases in these videos. This tested how genuine he was as a supposed law upholder.<\/p>\n

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Meanwhile, the latest suit claims that there are chat and deposition logs from the companies\u2019 operators, allegedly admitting to manipulative actions.<\/p>\n

Notably, a Tether spokesperson has made it clear that the claims in the second amended complaint has no merit.<\/p>\n

Read More: Elon Musk X Records Major User Growth Milestone<\/a><\/strong><\/p>\n

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter<\/a>, Linkedin<\/a> <\/p><\/div>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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Stablecoin issuer Tether and cryptocurrency exchange Bitfinex have been caught up in an amended class action lawsuit. Both firms are currently facing allegations bordering on market manipulation. Recent Tether And Bitfinex Case Comes With 3 Cause Actions In a recent filing with the United States District Court Southern District of New York, Tether and Bitfinex […]<\/p>\n","protected":false},"author":2,"featured_media":258808,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-344931","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/344931","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=344931"}],"version-history":[{"count":3,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/344931\/revisions"}],"predecessor-version":[{"id":344934,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/344931\/revisions\/344934"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/258808"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=344931"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=344931"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=344931"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}