RATE Group | Suit Alleging Tether and Bitfinex Manipulated Bitcoin Market Has Been Revised
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Suit Alleging Tether and Bitfinex Manipulated Bitcoin Market Has Been Revised

10 Jan Suit Alleging Tether and Bitfinex Manipulated Bitcoin Market Has Been Revised

Posted at 17:09h in Bitcoin News by

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UPDATE (Jan. 10, 16:45 UTC): A previous version of this article contained incomplete information.

A class-action lawsuit alleging Tether and Bitfinex manipulated the bitcoin market has been withdrawn by the plaintiffs and re-filed with a new plaintiff in a different jurisdiction.

A document filed Jan. 7 in the U.S. District Court for the Western District of Washington shows plaintiffs Eric Young and Adam Kurtz opted for voluntary dismissal of their case against Tether and Bitfinex’s parent firm iFinex. The case was originally filed on Nov. 22, 2019.

The plaintiffs, who both claimed to be bitcoin traders, alleged Bitfinex and Tether issued inaccurate information and “monopolized and conspired to monopolize the Bitcoin market.” Drawing heavily on the case brought by New York’s attorney general last April, they also accused the defendants of manipulating the market by printing unbacked tethers.

“When bitcoin prices were falling, Defendants and their co-conspirators printed USD₮s and…

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