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Class Action Lawsuit Filed Against Tether and Bitfinex, Alleging $1.4 Trln in Damages

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    Tether and Bitfinex face a class action lawsuit over alleged market manipulations

Cover image via news.u.today

Tether and affiliate exchange Bitfinex have been hit with a class action lawsuit that was filed in the United States District Court for the Southern District of New York. The lawsuit is based on the 2018 research paper that alleges that the Bitcoin's historic bull run was propelled by Tether's printing spree.          

From 2017 through 2018, Tether printed 2.8 billion USDT and used it to flood the Bitfinex exchange and purchase other cryptocurrencies. This artificially inflated demand for cryptocurrencies and caused prices to spike 

While the plaintiffs claim that it would be "premature" to calculate damage inflicted by Tether and Bitfinex, they have estimated that the defendant's liability likely surpasses a whopping $1.4 trln.       

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On Oct. 5, Bitfinex addressed the upcoming lawsuit, calling it "meritless." They further explained that the aforementioned paper was deeply flawed, and its aim might have been the soliciting of "an opportunistic lawsuit."         

Bitfinex and its affiliates have never used Tether tokens or issuances to manipulate the cryptocurrency market or token pricing. 

Bitfinex CTO Paolo Ardoino has already shared his take on the freshly filed lawsuit, calling this "an attack against the entire crypto industry." 

What are your thoughts on the Tether/Bitfinex controversy? Feel free to leave your comment!           

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Price Likely to Decline to $7,800: Crypto Analyst

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    Bitcoin is to find support at $7,800 or recover to $8,300, an analyst writes, but either way ‘continuation of the ranging on either of the levels is going to occur’

Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

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The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

The analyst tweeted this forecast twice with an hour pause.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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