Class Action Plaintiffs File New Complaint Against Bitfinex and Tether

IconCryptoNewsTerminal Staff15 Jul, 2024

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Class Action Plaintiffs File New Complaint Against Bitfinex and Tether

Bitfinex and Tether, two of the largest cryptocurrency companies, have been sued once more by investors who filed a second amended consolidated complaint in a U.S. court. The plaintiffs allege that Tether engaged in market manipulation to increase the price of Bitcoin and violated antitrust laws. This is the third amended complaint filed in this class action lawsuit against Bitfinex and Tether, with the first complaint filed in 2019 and an amended complaint filed in 2020. The new complaint includes additional allegations that Tether used its stablecoin, USDT, to manipulate the price of Bitcoin. The plaintiffs allege that Tether issued USDT without sufficient backing and used it to buy Bitcoin, which artificially inflated the price of the cryptocurrency. Bitfinex and Tether have denied the allegations and have said that they will vigorously defend themselves against the lawsuit. The outcome of the lawsuit could have significant implications for the cryptocurrency industry as it could set a precedent for how stablecoins are regulated.

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