March 29, 2024

Bitfinex, Poloniex, and Bittrex Reject Allegations of Crypto Market Manipulation

Lawyers for the cryptocurrency exchange Bitfinex are confident that the second attempt to sue the company on charges of manipulationthe bitcoin market will be as disastrous asfirst. 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 who previously spokeagainst Bitfinex, modified 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 center of the lawsuit was an absurdaccusation of market manipulation through Bitfinex-owned addresses, which the plaintiffs said 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 unreasonablethe plaintiffs' statements that they continue to cook, "the company says, adding that it will defend" its interests, the interests of customers, investors and the entire digital token community to the end, relying on the only thing that the plaintiffs do not have: the truth. "

Bittrex and Poloniex, for their part, are asking the courtjustify them, since "the plaintiffs are unable to prove the central thesis" of their charge. They note that they do not want to burden the court by listening to their arguments, unless the request is rejected. Bittrex and Poloniex are also willing 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 for its part categorically denies violations.

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