A class-action lawsuit alleging Tether and Bitfinex manipulated the bitcoin market has been withdrawn by the plaintiffs.
A document filed Jan. 7 in the Western District of Washington shows plaintiffs Eric Young and Adam Kurtz have opted for voluntary dismissal in their case against Tether and Bitfinex's parent firm iFinex. The case was originally filed on Nov. 22, 2019.
The plaintiffs, who both claimed to be bitcoin traders, alleged that Bitfinex and Tether issued inaccurate information and "monopolized and conspired to monopolize the Bitcoin market". Drawing heavily on the case brought by the New York attorney general last April, they also accused the defendants of manipulating the market by printing unbacked tethers.
"When Bitcoin prices were falling, Defendants and their co-conspirators printed USD₮s and artificially increased the price of Bitcoin," reads the original filing. "Once Defendants and their co-conspirators artificially inflated the price of Bitcoin, Defendants and their co-conspirators then converted the Bitcoin back into USD₮s to replenish Tether's reserves." Read More...