• Hand controlling marionette
    Cryptocurrencies

    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.

  • New York State Supreme Court building in Lower Manhattan showing the words "The True Administration of Justice" on its facade (via Shutterstock).
    Tether

    Judge Joel Cohen orders New York Attorney General Letitia James to prove jurisdiction over Bitfinex and Tether

    The New York State Supreme Court may throw out the charges if no New Yorkers were harmed

    A court on May 22 ordered New York State Attorney General Letitia James to prove her office has the right to sue Bitfinex and Tether for fraud and securities law violations.

  • Fake Tethers under fake bitcoins.
    Tether

    Bitfinex tells court Tether invested part of dollar reserves in Bitcoin

    The revelation came in an attempt to dismiss a fraud and securities law violation suit brought by New York State Attorney General Letitia James

    The Tether stablecoin is backed in some part by bitcoins. David Miller, an attorney for Tether’s sister firm, cryptocurrency exchange Bitfinex, revealed in court last week that Tether has invested “a small amount” of the reserve dollars backing the tethers (USDt) in bitcoins (BTC). He added that the company had also invested in other undescribed assets.