Plaintiffs Accuse Bittrex And Poloniex Of Aiding Bitfinex And Tether In Manipulating Crypto Market
A group of plaintiffs asks to recover damages from Bittrex and Poloniex exchanges, which the they supposedly was caused by manipulation of the cryptocurrency market at the end of 2017, writes Cointelegraph. Those the same plaintiffs in October 2019 of the year sued stock exchange Bitfinex and her nursing company Tether, accusing them in using manipulative practices aimed at raising the bitcoin rate to historic highs using unsecured USDT tokens.
The extended version of the lawsuit says that Bittrex and Poloniex helped to implement the criminal intention of Bitfinex and Tether. Their platforms, according to the plaintiffs, were used to post huge applications on purchase of cryptocurrency for the purpose creation visibility inflow new liquidity.
“With the eager support of Bittrex, Inc. (“Bittrex”) and Poloniex LLC (“Poloniex”), two other crypto exchanges, Bitfinex and Tether, used fraudulently issued USDT for making strategically planned huge purchases of crypto-exchange commodities in then time, when the price of these commodities fell, the lawsuit says. – These exchanges worked closely with Tether and accepted its guarantees in Tom, that each USDT is backed by one dollar USA. The presence of USDT on their platforms allowed them to quickly break out into leaders among the largest exchanges cryptocurrencies“.
Curious that by at least one of plaintiffs, by the whole apparently continues trade on market cryptocurrencies despite declared damage. According to lawsuit, Pinchas Goldstein suffered losses due to he acquired 629 futures contracts for bitcoin from January 16, 2018 to June 3, 2020, that is, until the very moment of filing a claim.