The class-action lawsuit brought against Bitfinex and Tether for manipulating BTC market prices has officially been withdrawn by the complainants.
According to court documents filed in the Western District of Washington on 7th January 2020, Adam Kurtz and Eric Young, the plaintiffs who had accused the two firms of manipulating BTC market prices have chosen to opt for voluntary case dismissal. The two initially filed the case against iFinex, the parent company to Bitfinex and Tether on 22nd November 2019.
The two petitioners had indicated in the court documents that they were crypto traders focusing on BTC trades. When filing their case, they purported that the two aforementioned companies had provided erroneous trade details. They also claimed that both companies had entered into an agreement that would see them take over the BTC market.
New York’s Attorney General Case
By relying on a past case that had been brought forward by the NYAG the petitioners also went as far as to accuse the respondents of attempting to influence the bitcoin market by printing unbacked tethers. The original filing by the plaintiffs read that:
“When Bitcoin prices were falling, Defendants and their co-conspirators printed USD₮s and artificially increased the price of Bitcoin.”
Bitfinex had come out to strongly deny the accusations leveled against it by the plaintiffs. A company spokesperson states that the allegations were baseless and mercenary. The spokesperson went as far as to state that the company was more than willing to challenge any nuisance defrayals.
While it has not yet been established what motivated the two to drop their case, it’s worth noting that the laws in the United States will let someone re-file their suit at a later date. However, they cannot bring it back to the court if they decide to withdraw it for a second time.
Tether had filed a letter of intent that stated their intention to put forth a motion that would lead to the dismissal of yet another class-action lawsuit. In this case, Tether had been accused of manipulating BTC prices, and the plaintiffs were seeking damages to the tune of one trillion dollars.