Tether, Bitfinex Respond to the Newest Lawsuit “Absurd and Groundless”

Bitfinex and its sister company Tether continued to involve with a new lawsuit. According to an official report, “mercenary” lawyers attacked two companies by submitted a class-action lawsuit to the US District Court for the Western District of Washington.

Tether, Bitfinex Respond to the Newest Lawsuit "Absurd and Groundless"

The New Attacking

In the recent blog post, both firms claimed that the copycat lawsuit was filed against them in the U.S. District Court for the Western District of Washington on Nov 22 “without notice to us”. This is the second lawsuit in just two months.

The announcement did not disclose much information about the lawsuit but noted that is similar to those made in early October this year. At that point, Bitfinex and Tether were accused of manipulating the cryptocurrency market.

Both companies owned by parent company iFinex affirmatively denies any wrongdoing and has even dismissed the latest complaint as “absurd and groundless”.They emphasized that “there will be no nuisance settlements or settlements of any kind reached” and even goes even further by hinting that could take legal actions against the so-called “mercenary lawyers.”

Furthermore, the statement suggests that this is an attack on the whole cryptocurrency community:

“These absurd and groundless accusations are an attack on the growth, success, and innovation of the entire digital token ecosystem, in which Bitfinex is proud to play a critical role…Our fight is the community’s fight”.

Besides, Bitfinex also asserts that it and its affiliates have never used Tether tokens or issuances to manipulate the cryptocurrency market or token pricing. “All Tether tokens are fully backed by reserves and are issued and traded on Bitfinex pursuant to market demand, and not for the purpose of controlling the pricing of crypto assets”, it added.

Therefore, this is irresponsible actions when talking that Tether or Bitfinex enable illicit activity, while Tether (USDT) is one of the most trusted and widely accepted stable coins that make more efficiency, liquidity and wide-scale applicability in the cryptocurrency economy.

A recent LongHash’s study to support for Bitfinex and Tether’s claims

Last week, in a new study, LongHash – cryptocurrency data analysts, revealed that lack of evidence to tell Tether is manipulating Bitcoin prices. Additionally, the original research suggests Tether’s potential influence on Bitcoin prices to be maximal during bear, not a bull or markets, they added.

“As more and more stable coins enter the marketplace, some of the controversies surrounding Tether may also gradually dissipate. Tether manipulation did not cause the 2017 Bitcoin bull run.”

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