As Modern Consensus reported in late August, Coinbit was confiscated by the authorities over alleged fraud and faking over 99% of its trading volume through wash trading. Police believe the manipulation occurred between August 2019 and May of this year, with a ghost account used to inflate the transaction volume, the report said.
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Former CFTC head warns Senate that falling behind in the CBDC arena will have serious consequences (Photo: U.S. Senate)Crypto Must-Reads for June 30, 2020
These are the crypto stories you should be following today: Senate told lead or follow on digital dollar; alt-coin market manipulation still strong; BoA says crypto equals cash; U.S. soccer stars tokenized
Digital Dollar Project head Christopher Giancarlo tells the Senate that the U.S. must lead or follow on central bank digital currencies; crypto volume pumper’s manipulation business is still going strong; Bank of America okays crypto purchases with credit cards, but calls them cash advances; all U.S. Soccer players have been tokenized on a blockchain
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Bitfinex, Tether again face market manipulation accusations
The embattled cryptocurrency exchange and stablecoin issuer jointly announced that a “meritless and mercenary lawsuit” is coming.
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.
