Bitfinex and Tether: Bitcoin price manipulation class-action lawsuits are driven by mercenary lawyers

• Bitfinex and Tether squash the two lawsuits terming them foundationally flawed.
• Bitfinex is not going to settle the class-action and says the lawyers are hungry for a payday.

Bitfinex and Tether cryptocurrency companies seem to be continuously finding themselves in the middle of court battles. Among these battles, is a class-action lawsuit filed on Friday in a United States District Court for the Western District of Washington.

The cryptocurrency exchange has rubbished the lawsuit claiming that it is a “copycat” staged by greedy lawyers looking for a payday. The lawsuit claims that Bitfinex has, in the past, manipulated the price of Bitcoin using the industry’s leading stablecoin, Tether (USDT). Bitfinex said in a statement:

“As we predicted last month, mercenary lawyers continue to try to use Bitfinex and Tether to obtain a payday.”

The latest lawsuit comes second after the first was filed in the US District Court for the Southern District of New York, citing the same allegations. However, Bitfinex is not flinching and has sternly said that it is not going to settle with either of the groups of lawyers.

“To be clear, there will be no nuisance settlements or settlements of any kind reached. Instead, all claims raised across both actions will be vigorously contested and ultimately disposed of in due course. Once they are, Bitfinex and Tether will fully evaluate their legal options against those bringing and promoting the baseless claims.”