RATE Group | Bitfinex to file a motion to dismiss $1.4 trillion worth class action law suit
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Bitfinex to file a motion to dismiss $1.4 trillion worth class action law suit

18 Nov Bitfinex to file a motion to dismiss $1.4 trillion worth class action law suit

Posted at 18:53h in Cryptocurrency News by

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  • Bitfinex denies the accusations and fines a motion.
  • The exchange explained its position in this case in a recent blog post.

The cryptocurrency exchange Bitfinex intends to file a motion to the Southern District of New York to dismiss the “frivolous class-action lawsuit” to the tune of $1.4 trillion.

Last month, a group of investors filed a class-action lawsuit against iFinex Inc., its subsidiaries and top managers, accusing them of violating the U.S. Commodity Exchange Act, the RICO Act, money laundering, Pump & Dump schemes, market manipulation through the issuance of USDT and deliberate fraud of investors.

Bitfinex believes the allegations are unfounded and insufficient “even for the earliest stage of the trial.” Representatives of the exchange emphasized that a significant part of the arguments is based on a recent study by professors John Griffin and Amin Shams. According to the document, a major player at Bitfinex allegedly could control the price…

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