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Tether, Bitfinex accused of market manipulation

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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.

 

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