The lawsuits against iFinex, which owns the two companies, seeks $1.4 trillion in damages over alleged market manipulations that led to the crypto winter of 2018.
The lead academic in that (in)famous study postulating that Bitcoin prices were manipulated by Tether updated it with this added doozey: a single “whale” was behind most of it, trading large amounts of bitcoin against tether on Bitfinex, Tether’s sister company.
The same lawyers who sued Craig Wright for $5 billion are going after Tether and Bitfinex, demanding a staggering $1.4 trillion.
It seems the New York Attorney General is not the only person accusing sister companies Bitfinex and Tether of breaking the law. A paper accusing the companies of market manipulation designed to boost the price of Bitcoin will be published soon.