Tether, Bitfinex accused of market manipulation

  • 📰 CryptoAmb
  • ⏱ Reading Time:
  • 13 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 9%
  • Publisher: 68%

Business News News

Business Business Latest News,Business Business Headlines

Plaintiffs alleged Tether and Bitfinex used billions of dollars in USDT, Tether's dollar-backed stablecoin to buy cryptocurrencies.

In a surprising development, plaintiffs in a long-standing class-action lawsuit have accused Tether and Bitfinex of engaging in a misleading scheme to manipulate cryptocurrency prices.“Keeping their identities secret, Defendants made massive, carefully timed purchases of crypto commodities to signal to the market that there was enormous demand and thus cause the price of those commodities to spike.

In this case, the main plaintiffs are American cryptocurrency traders Matthew Script, Pinchas Goldshtein, Jason Leibowitz, and Benjamin Leibowitz. Additionally, several other civil class action lawsuits and their plaintiffs have joined the litigation.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 22. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

USDC gains ground: Tether’s market share drops to 74% in 2024Tether USDT market share drops from 82% to 74%. Regulated stablecoins such as USDC gains market share depicting changing market preferences.
Source: CryptoAmb - 🏆 22. / 68 Read more »