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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!