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Bittrex and Poloniex were singled out in a class action lawsuit for cryptomanipulation

June 4, 2020

Applicants for a class action lawsuit alleging that Bittrex and Tether fueled the bull run in 2017 through market manipulation, they asked for it a call for exchange is issued Bittrex and Poloniex.

The lawsuit, which first opened in October 2019, claims that the cryptocurrency is being exchanged Bitfinex and its sister company Tether increased the offer of the stable currency USDT without the right dollar support for Raise cryptocurrency prices during their all-time high in 2017. The lawsuit is aimed at investors who have bought crypto and believe that they are artificially inflated prices.

The applicants have applied for this The court awards reasonable costs Interest fees before and after the trial and reasonable attorney fees.

Bittrex and Poloniex involved

Bittrex and Poloniex were singled out in a class action lawsuit for cryptomanipulationBittrex and Poloniex were singled out in a class action lawsuit for cryptomanipulation

The lawsuit claims that Tether “spent billions of USDT without the support of the US dollar, simply by creating the USDT from scratch. “USDT was used to buy cryptocurrencies, causing prices to” go well above their legitimate value “in the largest bubble in history and in history Generated billions of dollars harm innocent buyers. “

The document states that the exchange of old coins, Bittrex and Poloniex, was also planned. Facilitate coordination of large orders through multiple exchanges to create the illusion of new floods of liquidity in the markets. The lawsuit says:

“With the voluntary support of Bittrex, Inc. (” Bittrex “) and Poloniex LLC (” Poloniex “), two other crypto exchanges, Bitfinex and Tether, used fraudulently spent USDT to make massive and strategically planned purchases at the time , the price of these goods fell. “

The document states that the exchanges “worked closely with Tether and guaranteed that every USDT would be covered by one dollar,” and said so Their USDT listings enabled them to rank quickly among the largest stock exchanges in the industry.

The negotiations continue

Despite the claim that Tether-driven manipulations were widespread On the cryptocurrency markets, one of the five authors, Pinchas Goldshtein, from Miami, Florida, still seems to be negotiating.

The lawsuit claims that Goldshtein suffered economic losses from the purchase of 629 Bitcoin (BTC) futures contracts between January 16, 2018 and June 3, 2020, which indicates that Goldshtein was traded on the same day the order was shipped.