Categories: Altcoin News

Bitfinex Denies Accusation Of Market Manipulation From Anonymous Group

Popular cryptocurrency exchange, Bitfinex has alerted its customers and the whole crypto community of a possible lawsuit implicating it of market manipulation charges.

Bitfinex Might Be Appearing In Court Soon For Market Manipulation

In to an official announcement published by Bitfinex on Saturday, the renowned cryptocurrency exchange seems to have reasons to conclude that an undisclosed group of people is clutching at a few supposed “flawed assumptions, incomplete and cherry-picked data, and faulty methodology” in order to make “baseless accusations” indicating that the crypto exchange uses Tether issuances to manipulate cryptocurrency markets.

According to the published report,

“We fully expect mercenary lawyers to use this deeply flawed paper to solicit plaintiffs for an opportunistic lawsuit, which may have been the true motive of the paper all along. In fact, we would not be surprised if just such a lawsuit will be filed imminently.”

Bitfinex Denies A Yet-To-Be-Claimed Accusation Of Market Manipulation

As per the official information, Bitfinex maintained that any claims made by this anonymous group of people is a meritless insinuation, reckless and also that the group are shamelessly attempting a money grab. Brutally going against the yet-to-be-made-public accusation, Bitfinex maintained that it’s an attempt to “undermine the growth and success of the entire digital token community, of which Bitfinex and Tether are key parts.” Bitfinex also said that it will defend itself accordingly if the lawsuit is filed.

Bitfinex further shared its stance by saying that every Tether token issued is backed by a reserve and that the crypto exchange does not in any way take advantage via issuance of Tether to manipulate the markets conditions or token pricing.

Bitfinex and its affiliates have never used Tether tokens or issuances to manipulate the cryptocurrency market or token pricing. All Tether tokens are fully backed by reserves and are issued and traded on Bitfinex pursuant to market demand, and not for the purpose of controlling the pricing of crypto assets.

Dare Shonubi

Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development. You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]coingape.com

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