13.4 million documents concerned with offshore money and global elites were announced in November 2017. Paradise Papers revealed that a new lawsuit had sparked a volatile multi-billion dollar market with Cryptocurrencies originate from a link between executives.
In October, a lawsuit filed for damages of $ 1.4T. The lawsuit alleges that cryptocurrency exchange Bitfinex and its sister company Tether manipulated the cryptocurrency market, harmed traders while enriching insiders. The site of dark money and power now exists globally because the leak of 13.4 million documents was exposed in 2017.
A connection found in the Paradise Papers is at the heart of the lawsuit: the two top Bitfinex executives, Giancarlo Devasini and Philip Potter, who are also owners of Tether that provide a more secure cryptocurrency known as stablecoins. The articles on Paradise have also proven, it’s not surprising that the same person controls tether and Bitfinex.
In October, in a New York federal court, the lawsuit was filed for the interest of investors who mislaid their money a year ago, due to the tumble of Bitcoin’s value.
If Tether and Bitfinex are found guilty, the damages from their lawsuits could surpass record numbers. If the Bitcoin incident caused the damage, the responsibilities of Bitfinex and Tether tripled under the antitrust laws and the Racketeer Corruption and Influence Act (RICO). Damage may exceed one trillion dollars.
Before November 2017, Bitfinex and Tether said that they revealed their joint ownership to the Paradise Papers.
Bitfinex and Tether spokesman Joe Morgan, provided a court record that the companies filed in federal court in California in April 2017 in a suit unconnected to Wells Fargo. That revealed that Devasini and Potter are one of the owners of both companies. The companies also dispute that Tether’s activities are responsible for the rapid rise in Bitcoin prices in 2017.
For many years, USD Tether support has become an open secret in the world of cryptocurrencies. However, only recently, it has been found with factual legal consequences. The case is still pending in court, although Tether denies all the wrongdoing and we will soon see the end of this has taken too long.
The relationship between Tether and Bitfinex with others is still unclear, which was mentioned in the Paradise Papers. However, at the very least, they have been related to a settled cover-up and investors would be very smart to stay away completely from USDT.
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