Tether, Bitfinex Must Face Crypto Market Manipulation Claims

By Elise Hansen (September 29, 2021, 5:56 PM EDT) -- Crypto asset buyers can pursue many of their claims that the company behind cryptocurrency exchange Bitfinex and the stablecoin tether manipulated the digital asset market and artificially inflated prices, a New York federal court found Tuesday.

DigFinex Inc. and other cryptocurrency companies will have to face several claims that they violated antitrust laws and the Commodity Exchange Act by issuing unbacked tether tokens and strategically purchasing crypto assets in order to prop up prices. But the defendants escaped civil RICO claims, according to Tuesday's order.

A proposed class of "cryptocommodity" buyers said they purchased assets such as bitcoin and ether at...

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