Tether-linked exchange Bitfinex was dealt a fresh blow after plaintiffs in a class action lawsuit refused to amend their complaint of BTC price manipulation.
The Bitfinex cryptocurrency exchange, already involved in one class-action lawsuit, will now have to defend itself against another one.
Tether doesn’t believe there’s any merit to the accusation that it helped create the “largest bubble in history” and rejects claims that it has manipulated the cryptocurrency market in any way.
There have been allegations circulating for more than two years that BTC’s price is directly attributable to movements of Tether’s stablecoin, USDT.
As the activity over the past month shows, there have been ups and downs, but everything is pointing to a better, more fine-tuned industry.
The week has had everything, from raising millions of dollars in funding, to regulators cracking down on fraudulent projects to adoption by major brands. Oh, and Libra sunk into more problems which led to its backers backing out.
A court in New York has rejected a petition from the New York Attorney General that would compel Bitfinex and Tether to submit all documents relating to the ongoing investigations.
A roundup on recent Bitfinex and Tether news: Tether Treasury prints new USDT coins, while lawyers for Bitfinex appeal NYAG documents collection request.
But the latest revelations that have surfaced over the past several months have certainly put the companies in a harsh light.
Tether is at it again, this time promising to fight any lawsuit based on recent research that found the company to manipulate the crypto market.
Bitfinex is being sued, along with Tether, by the AG over questionable operations and has already had to deal with several setbacks.