Four lawsuits against Bitfinex have been consolidated into one case, with plaintiffs now seeking legal counsel for their complaints. The total claims against Bitfinex are still above $1 trillion.
Lawsuit Against Bitfinex Seeks the Best Legal Counsel
Bitfinex, the exchange operated by the iFinex company and affiliated with Tether, Inc., has been accused of deliberately swaying market prices. During the bull run of 2017, Bitfinex was an immensely influential exchange, which made use of the USDT stablecoin, allegedly pumping the price with manufactured liquidity and possibly faked orders.
The complaints, which match this view, have been consolidated in a case presented before the US District Court of the Southern District of New York. Cryptocurrency investor David Leibowitz is leading the consolidated lawsuit, recently filing a motion to appoint interim class action legal counsel. A motion has been filed to appoint legal representatives Roche Cyrulnik, Schneider Wallace Cottrell Konecky LLP and Selendy & Gay.
The class action lawsuit competitors are the legal firms Kirby and the Radice Law Firm, representing Eric Young, who also filed a lawsuit against Bitfinex in the fall of 2019. So far, three out of four claimants have consolidated around Leibowitz and his legal counsel.
Both legal teams argue they are the best-prepared with research and understanding of the specifics of the actions of Bitfinex. Selecting the plaintiff and team to lead the mammoth proceedings will usher in a new stage of investigations against Bitfinex.
Andreas Antonopoulos Throws Weight with Leibowitz Selection of Legal Team
But Leibowitz’s selection has an edge, after Bitcoin educator and public speaker Andreas Antonopoulos signed an affidavit supporting the appointment of Roche Cyrulnik. Despite claims about the frivolous nature of the lawsuit, and the outlandish $1.4 trillion claim, Antonopoulos bases his claims on previous work done by Roche Cyrulnik Freedman legal firm, which took the case of Craig Wright vs. the estate of Dave Kleiman.
The crypto community, however, believes the involvement of Antonopoulos is problematic, given the frivolous nature of the lawsuit.
Why Andreas Endorsing Law Firm Pursuing Trillion Dollar BTC Manipulation Case Against Bitfinex Is… by @afslutning https://t.co/NrVvhXn9ci
— Joe Morgan (@jjoemorgan) January 30, 2020
So far, the exchange operator has denied both the legal and academic claims suggesting a concerted market manipulation. But the ideas have taken root, and Bitfinex faces growing scrutiny of its activities. The exchange still faces research by the New York Attorney General. In the past days, it also came to light Bitfinex received BTC originating from ransomware attacks, and saw $860,000 worth of coins frozen.
Despite the claims against Bitfinex and Tether, the USDT stablecoin expanded way beyond the borders of a single exchange. USDT now exists in several forms, fueling multiple spot and futures markets, even without the boost from Bitfinex-based activity.
What do you think about the lawsuit against Bitfinex? Share your thoughts in the comments section below!
Images via Shutterstock, Twitter @jjoemorgan The post appeared first on Bitcoinist.com. origin »
The United States Department of Justice has moved the District Court of Arizona to stay a detention memorandum against Crypto Capital and Reginald Fowler concerning the ongoing case against Bitfinex.
In recent cryptocurrency exchange news, Bitfinex has introduced new withdrawal fees, the CEO of Bitmex has refuted accusations that the exchange’s in-house trading desk trades against its customers, and Malta-based Bistraq Exchange has commenced operations.
Криптобиржа Bitfinex добавила поддержку цифровой валюты DigiByte (DGB). Торговля DGB доступна в парах с биткоином и американским долларом. We are pleased to announce trading for DigiByte (DGB) against BTC and USD.
Криптобиржа Bitfinex добавила поддержку цифровой валюты DigiByte (DGB). Торговля DGB доступна в парах с биткоином и американским долларом. We are pleased to announce trading for DigiByte (DGB) against BTC and USD.
Криптовалютная биржа Bitfinex, расположенная в Гонконге и зарегистрированная на Британских Виргинских островах, добавила на свою платформу цифровую монету DigiByte (DGB). Виртуальная валюта будет торговаться на площадке в парах с bitcoin и долларом США.
Новая децентрализованная площадка криптовалютной биржи Bitfinex под названием Ethfinex Trustless в эту среду объявила о листинге шести новых цифровых активов: Augur (REP), Maker (MKR), Basic Attention Token (BAT), SpankChain (SPANK), Autonio (NIO), а также стейблкоина Dai.
On October 18, Waltonchain (WTC), Melonport (MLN), Credits (CS) and YGGDRASH (YEED) were listed on Bitfinex and Ethfinex. Trading will be available against ETH and USD. YGGDRASH will initially be listed as YGG on Bitfinex.
Tether’s peg is slipping, and an exchange-wide firesale has led to major price discrepancies between bitcoin’s BTC/USDT and BTC/USD trading pairs across the market.
After last week’s price drop, investors have become optimistic in the positive short-term trend of crypto. The new bull run is being led by Bitcoin, which has managed to regain and exceed its former bottom of $6,000.
The stablecoin USD Tether, USDT, has dropped significantly against the asset that it is meant to be pegged to over the past 24 hours. The drop has resulted in a significant premium to the assets listed on the Bitfinex exchange as these are priced against USDT as opposed to USD.
Monday saw bitcoin prices surge by an unprecedented 9% driven by Tether’s sudden loss against the US Dollar. The unprecedented twist in tether’s fall has been the loss of banking partner, Noble Bank.
The cryptocurrency markets posted some slight gains on Friday after seeing a massive selloff on Thursday that sent many altcoins down by more than 10% and pushed Bitcoin to its range support at $6,200.
It only takes a few minutes for Bitcoin to lose $200 and that’s exactly was happened today. Not only has Bitcoin crashed earlier today but it took the whole market down with it including Ethereum, XRP, Monero, Stellar and so on.
Cryptocurrency exchange Bitfinex addressed allegations and controversies propagated against its platform in recent times via a detailed Medium post on Oct. 7, 2018. Bitfinex Fights Allegations The Hong Kong-based company remains one of the world’s oldest running cryptocurrency exchanges and has maintained a strong reputation for security save a ghastly event in 2016 which saw […]
The post Bitfinex Slams Insolvency Allegations, Reveals Part of Bitcoin (BTC), Ether (ETH), and EOS Holdings appeared first on CryptoSlate.
Top-three cryptocurrency exchange Bitfinex is pushing back against claims that call its solvency into question. The Hong Kong-based company released a blog post on October 7, 2017, that states, contrary to recent rumors, it is not insolvent.
Stability. The word seems to be at complete odds with the current nature of the crypto market. With its flagship coin having “died” on hundreds of occasions, volatility and meteoric price swings have come to define cryptocurrencies, as price stability, ever-elusive, is in short supply.
Cryptocurrency markets have been consolidating after a few volatile spikes and subsequent dumps over the last few weeks. Now a lot of crypto-traders are uncertain what will happen next, but quite a lot of people are showing pessimism by betting against cryptocurrencies like BTC with short positions.
As the old maxim asserts: those who made the most money in the gold rush were those who sold shovels. With our own digital gold rush in a downturn, however, the shovels aren’t selling so well, as mining companies themselves are struggling to move hardware because miners are struggling to turn a profit.
Bitfinex is one of the biggest cryptocurrency exchanges in the world. Information coming from Bitfinex can be an indicator of the overall mood or rate of the cryptocurrency market due to the sheer volume of trading that occurs on the exchange.
After producing gains against the dollar, many other leading cryptocurrency markets have continued to produce inverse correlation when measured against BTC. BTC currently has a market capitalization of $142 billion and a market dominance of nearly 47%.
Недавние заявления Bank of America (BofA) о возможном выпуске стейблкоина вызвали бурную реакцию криптосообщества. Некоторые восприняли это как позитивный шаг для индустрии, но другие увидели в этом угрозу в виде скрытой замены CBDC.
Bybit стал жертвой одного из крупнейших взломов, из их холодных кошельков украли $1,5 млрд в ETH и stETH. Вот что известно на данный момент: Как это произошло? Хакеры использовали фальшивый интерфейс, который показывал правильный адрес для подписания транзакций.
P2P-маркетплейс Bitpapa открыл торговлю крипторублем (RUBT), рассказал Bits.media основатель InDeFi SmartBank Сергей Менделеев. У Bitpapa 400 тысяч клиентов, подчеркнул соавтор идеи крипторубля.
Tether has refuted claims made by JPMorgan analysts regarding its Bitcoin reserves and ability to comply with upcoming US stablecoin regulations. In a Feb. 13 statement to CryptoSlate, the stablecoin issuer confirmed that it is closely monitoring developments around US stablecoin regulations while actively engaging with local regulators.
According to a report from crypto exchange CEX. IO, stablecoin transfers reached $27. 6 trillion in 2024, outpacing Visa and Mastercard’s combined transaction volume by 7. 68%. The report pointed out that stablecoins consistently outperformed traditional payment providers throughout the year despite a dip in Q3 due to broader market slowdowns.
Tether is touting its tokenization platform Hadron and its investment in Quantoz as part of its European strategy amid regulatory pressures that have led to USDT delistings under the EU’s Markets in Crypto-Assets (MiCA) framework.
Crypto. com will be delisting Tether’s USDT stablecoin by Jan. 31 as part of efforts to comply with Europe’s Markets in Crypto-Assets (MiCA) regulation, according to emails obtained by CryptoSlate.
