Crypto Investors Say Bitcoin Manipulation Cost Market $466B

Law360 (October 7, 2019, 11:06 PM EDT) -- A group of longtime cryptocurrency investors say Bitfinex and Tether coordinated to manipulate the price of Bitcoin, potentially costing the market $466 billion, according to a proposed class action filed Sunday in New York federal court.

Bitfinex, Tether and others named in the complaint could be liable for more than $1.4 trillion if damages are tripled as required by the Racketeer Influenced and Corrupt Organizations Act and antitrust statutes, the investors say. 

Central to the complaint are allegations that cryptocurrency exchange Bitfinex and Tether, the issuer of a "stablecoin" cryptocurrency of the same name, engaged in a "part-fraud, part-pump-and-dump, and part-money...

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