Quartet Of Bitcoin Manipulation Cases Consolidated In SDNY

Law360 (January 27, 2020, 9:11 PM EST) -- Tether and Bitfinex now face a consolidated class action in New York federal court after a judge ordered the consolidation of four cases with overlapping claims that the cryptocurrency companies manipulated the Bitcoin market and cost investors hundreds of billions of dollars.

The cases allege that Tether, the issuer of a "stablecoin" cryptocurrency of the same name, and cryptocurrency exchange Bitfinex engaged in a "part-fraud, part-pump-and-dump, and part-money laundering" scheme that eventually cost cryptocurrency investors hundreds of billions of dollars.

Investor David Leibowitz's action was the first case to be filed, bringing suit against Tether and Bitfinex in October, and investor Eric...

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