Bitfinex, Bittrex and Poloniex Invalidate Allegations of Bitcoin Market Manipulation
Lawyers at the Bitfinex cryptocurrency exchange are confident that the second attempt to sue the company on charges of manipulating the bitcoin market will be as failed as the first. They gave their comment in response to the petition of the Bittrex and Poloniex exchanges for a summary judgment in their favor.
In June, a group of investors that had previously opposed Bitfinex amended the lawsuit to include two more trading platforms. Bittrex and Poloniex condoned Bitfinex and its sister company Tether in flooding the market with several billion unsecured USDT, they said. According to the lawsuit, Bitfinex controlled two main addresses that were allegedly used to inflate the price of bitcoin, and other exchanges knew about it..
On August 7, Bittrex and Poloniex went to court for the Southern District of New York to state their position on the case. Bitfinex posted a blog post on the same day.
“This time, the lawsuit focused on an absurd charge of market manipulation through Bitfinex-owned addresses, which, according to the plaintiffs, were used with the participation of Bittrex and Poloniex to implement a fantastic conspiracy,” writes Bitfinex.
According to lawyers, the plaintiffs are inventing all sorts of theories in order to recover money from the exchanges, to which they have no right. “Bitfinex and Tether do not recognize the unfounded claims of the plaintiffs, which they continue to concoct,” the company says, adding that it will continue to defend “its interests, the interests of customers, investors and the entire digital token community, relying on one thing that the plaintiffs do not have. : the truth “.
Bittrex and Poloniex, for their part, are asking the court to acquit them, as “the plaintiffs are unable to prove the central thesis” of their charges. They note that they do not want to bother the court by listening to their arguments, unless the petition is rejected. Bittrex and Poloniex are also ready to provide evidence that the addresses mentioned by the plaintiffs were not controlled by Bitfinex, but by an individual..
The first lawsuit against Bitfinex in this case was filed in October 2019. The plaintiffs initially asked for compensation of $ 1.4 trillion. Bitfinex categorically denies violations on its part.
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