A Look at the Newest Legal Challenge Against Bitfinex and Tether's Price Manipulation Stigma

It is more than obvious that the last is yet to be heard about controversies in the crypto world. At the moment, the reports are buzzing with issues relating to the Bitfinex exchange and Tether (USDT). The latest reports out there show that there is another hammer of legal attack against Bitfinex. Although the new class-action lawsuit has been lampooned by some, it did not stop it from being filed at the United States District Court for the Western District of Washington.

A statement released revealed that those who were described as mercenary attorneys are the ones engaging in the relentless attack on Bitfinex and Tether. It is these attorneys that have been accused of filing the class-action lawsuit against the venture. As hinted earlier, the filing has been done at the United States District Court for the Western District of Washington.

Gathering Controversy

The release did not give too many details about the court case itself. However, it showed that the attack is not really new because some filings of the same nature have been entered for submission as far back as October. As Bitfinex copes with fresh legal attacks, there is information that yet another lawsuit is being prepared. Bitfinex and Tether are both being observed by analysts. The observation stated that Tether is the one behind various manipulative moves in the cryptocurrency niche.

As it is now, the venture has issued a very firm denial. It is saying it has nothing to do with all the problems or even on the side of Bitfinex. But if there is anything to go by, the reply shows that they may even decide to sue the so-called mercenary attorneys. Some are saying the attack is not just on these ventures alone but all of the cryptocurrency market.

More Controversy

The reply stated that all the claims stemming from all sides are going to be intensely contested, saying that the claims will be dismissed at the end of the day. It went on to state that once they have been vindicated, both Tether and Bitfinex are going to be exploring all the legal options that they have. This is going to be with the goal to bring those behind the claims to justice.

The reply was definitely defiant and described the allegations as being absurd and groundless. They were described as calculated attacks on the whole cryptocurrency token niche, a sector in which Bitfinex is very proud to be a part of. The statement rounded up saying it is not a fight for one but for the entire cryptocurrency niche.

As Bitfinex reels under a fresh court case, both the platform and Tether (USDT) are insisting that they have not done anything wrong and that they have not broken any law. The most recent reports on the ground reveal that both worked under the same banner. This was via a company referred to as iFinex and this is not the first time they were going to be embroiled in controversies. But whatever the case, both Bitfinex, and Tether are maintaining their positions.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Ali Raza
Ali Raza
A freelance journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali's work has been published on a number of cryptocurrency publications.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

CFTC Chair Is Ready to List More Crypto Based Futures; Just Waiting on SEC's Clearance

The Chairman of Commodity Futures Trading Commission (CFTC), Heath Tarbert, has said that they are waiting for SEC clearance on more digital assets to...

Mercedes-Benz Parent, Daimler AG, Pilots PoC Supply Chain Data Sharing System with Ocean Protocol

Daimler AG, the Mercedes Benz carmaker, has partnered with the decentralized data-sharing platform - Ocean Protocol. The partnership would help the Daimler to store their...

Insufficient Clarity for Regulations And Taxes May Force US Investors Move On: Coinbase Tax VP

The Chief Tax Officer of Coinbase, Lawrence Zlatkin, believes that lack of clarity in the US' crypto taxes could alienate prospective investors. He shared...

Chinese Ride-Hailing Unicorn, Didi Chuxing, to Pilot Digital Yuan; First Mass Scale Use of DCEP

China's 'Uber,' Didi Chuxing, will test run the digital yuan according to an announcement on July 8. The Chinese ride-hailing unicorn has over 500...

Kyber Network Makes DeFi Debut Following a Protocol Upgrade and KyberDAO Mainnet Launch

Kyber Network has launched a protocol upgrade dubbed 'Katalyst' alongside Kyber DAO on the Ethereum mainnet as per a blog post yesterday by the...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today