(Another) Lawsuit against Bitfinex and Tether

[CryptoMaster 95]

I think everybody interested in cryptocurrencies markets should keep an eye on the various lawsuits happening against Bitfinex and Tether. This is something that would affect the entire crypto industry. Tether's crash easily imply the crash for the whole industry (at least for some time). 

https://www.courtlistener.com/recap/gov.uscourts.nysd.524076/gov.uscourts.nysd.524076.1.0.pdf

Edited October 7, 2019 by CryptoMaster

[CryptoMaster 95]

28 minutes ago, Simeon4real said:

Somehow, Tether and Bitfinix anticipated this lawsuit. I think they made a press release a day or two prior to today. Bitfinix /Tether always getting caught with pants down by regulators. Only thing is, It might take btc price down. 

Yes, have you noticed the timing of them writing a post about eventual "mercenary lawsuits against tether and their affilates" just one thay before a lawsuit hitting them? As if they tried to discredit in advance anybody questioning their practices. 🤦‍♂️

 

 

13 minutes ago, bitcoworld said:

How legit is this News Source really?

That's the direct source for the deposited lawsuit, they're official documents but there is also an article on Cointelegraph and I think other crypto medias. 

https://cointelegraph.com/news/class-action-accuses-tether-and-bitfinex-of-market-manipulation

 

[CryptoMaster 95]

7 minutes ago, bitcoworld said:

Well, probably Bitcoin is up on that news and if this is really legit then bitcoin will go boom anytime soon.

Ahahah that's true, everytime we read something about troubles at Bitfinex or Tether BTC starts pumping. Maybe this will be the catalyst for 100,000$ BTC and the beginning of a new alt season. 🙏

[Kumar 260]

Ya it's important as USDT has the most volume then any other coins and many are traded against it also widely used as a converter, it fully shake the market if anything wrong happens.

[CryptoMaster 95]

2 hours ago, Simeon4real said:

They knew what was coming. People that are guilty of something starts running when nobody is chasing them. That's exactly what Bitfinix did. I think they even have about $1B frozen. 

Eheh true, even if this lawsuit is a bit of a stretch, the law firm is asking for 1.4 trillion USD out of nowhere LOL. About that $1B it seems like part of it has been seized by the Polish authorities, the funniest thing is how they tag everyone asking for an audit as an enemy of Tether and cryptos (while the Tether whitepaper clearly states that they will do audits and aways have 1$ in their bank for every tether created).

 

1 hour ago, Kumar said:

Ya it's important as USDT has the most volume then any other coins and many are traded against it also widely used as a converter, it fully shake the market if anything wrong happens.

Yes, I used to trade alts to increase my BTCs in the past but sice Tether is now the most traded cryptocurrency, it's actually a single market where when BTC goes down everybody just sell their BTC and ALTS for Tethers. BTC to alts trading became a joke...

[Kumar 260]

23 hours ago, CryptoMaster said:

Yes, I used to trade alts to increase my BTCs in the past but sice Tether is now the most traded cryptocurrency, it's actually a single market where when BTC goes down everybody just sell their BTC and ALTS for Tethers. BTC to alts trading became a joke...

Not really as I believe after USDT it's the BTC which is being traded against the alts and majority thinks to grow their BTC balance.

[CryptoMaster 95]

53 minutes ago, Kumar said:

Not really as I believe after USDT it's the BTC which is being traded against the alts and majority thinks to grow their BTC balance.

If you check out the trading volumes you have BTC at $14B (which includes BTC/USDT, BTC/FIAT and BTC/alts pairs) while Thether's volume is at $17B (and includes USDT/BTC and USDT/alts), meaning that people are mainly using USDT in their alts trading. You can also notice how most of the charts around are usually about altcoins' FIAT values and not alts' values against BTC.

[bentayebsalah 2280]

It can file complaints against all currencies because it is well-known source and owner and has control companies
But Bitcoin is not like them. He has filed a complaint or does not make a difference

[bobjoemega 1088]

On 10/7/2019 at 4:15 PM, CryptoMaster said:

I think everybody interested in cryptocurrencies markets should keep an eye on the various lawsuits happening against Bitfinex and Tether. This is something that would affect the entire crypto industry. Tether's crash easily imply the crash for the whole industry (at least for some time). 

https://www.courtlistener.com/recap/gov.uscourts.nysd.524076/gov.uscourts.nysd.524076.1.0.pdf

   I don't know why my brother but from the day i know about the USDT i never like it, believe me if i told you that i'm in crypto from 2012, and i never buy or sell or get any USDT, there a lot of strange thing happend with this coin, and the most suspecious point is They have the same mentality of The Federal Reserve of USA, the only print more and more dollars without any backup of gold or somthing else.

Edited November 14, 2019 by bobjoemega
i need to change color it's the admin order

[CryptoMaster 95]

10 hours ago, bobjoemega said:

   I don't know why my brother but from the day i know about the USDT i never like it, believe me if i told you that i'm in crypto from 2012, and i never buy or sell or get any USDT, there a lot of strange thing happend with this coin, and the most suspecious point is They have the same mentality of The Federal Reserve of USA, the only print more and more dollars without any backup of gold or somthing else

 

9 hours ago, bitnoval said:

Another lawsuit against tether and bitfinex, well we will see how far this one goes, tether and bitfinex always find a way out of these law suits, tether is doing good now why will someone wants to suit it, this will not have a good effect on the market if it goes thru.

Exactly, Tether promised their holdings were always 1:1, for each 1 USDT around they would keep 1 USD in their bank account. It was shown that they don't have enough dollars for the tethers printed. That means they could easily just print money out of thin air and pump coins prices while they dump inflated coins for real USD on Bitstamp and Coinbase. 

I know, this will be devastating for crypto prices, but not talking about it won't make it go away. It's sad that a lot of crypto "influencers" don't even talk about it or just defend the tether fraud because "number go up"...

[Thekingcallme 1975]

This is a risk only to currencies that are controlled by individuals or companies
As for Bitcoin, no one controls it

[Dammyrichie 131]

On 10/8/2019 at 10:05 AM, CryptoMaster said:

Eheh true, even if this lawsuit is a bit of a stretch, the law firm is asking for 1.4 trillion USD out of nowhere LOL. About that $1B it seems like part of it has been seized by the Polish authorities, the funniest thing is how they tag everyone asking for an audit as an enemy of Tether and cryptos (while the Tether whitepaper clearly states that they will do audits and aways have 1$ in their bank for every tether created).

 

Yes, I used to trade alts to increase my BTCs in the past but sice Tether is now the most traded cryptocurrency, it's actually a single market where when BTC goes down everybody just sell their BTC and ALTS for Tethers. BTC to alts trading became a joke...

Most people often use tether coin to secure there funds of not loosing much of there funds.

[Mathers 295]

I'm not sure what you mean by usd tether crash will affect the whole crypto, As far as I know tether is stable coin, and if it crashes how is it going to affect Bitcoin ?

[bentayebsalah 2280]

Calls continue against some currencies in order to corrupt and eliminate their reputation
Currencies subject to complaint continue to resist and must therefore stand by them

[Bills 583]

Already this became customary, Bitfinex alleged that they were scammed, now it's just waiting to see what all this holds.

[Great Commander 659]

Regulating the currency must done correctly or it will result the market anomaly. They must possess the corporate social responsibility to avoid another cases like this. The corruption on different companies must vanished as it ruin other responsible companies. 

[gregory372 4]

Tether claims that most of their tokens are backed up with real assets (either US Dollar or other assets that are denominated in USD). Since most of these assets are stored in the form of fiat currency (that too in physical form) I don't understand how can some hacker exploit the situation. And in case some hacker steals the tokens, then they can just reverse the transaction just like what ETH did after the DAO robbery.

[bliznec 22267]

What can I say there You look at the XRP what is happening there, still can not resolve the conflict, which complicates further development. As for Tether and bitfinex, I think in the near future. 

[flomopeter 135]

Lawsuit against bitfinex and tether is so common now, every couple of months bitfinex gets sue for printing more tether than the should be but they all ways find a way to get out of the lawsuit.

[Crypto123 0]

The issue of the value of Tether's assets and securities has taken on huge proportions in the world of crypto. I don't know if there is anything new in this case. It will certainly have a negative impact on the world of crypto, but I don't think this will stop the industry, As you say, because stopping a single currency will not stop cryptocurrencies so easily after it has become so widespread.

[duncun007 3577]

I don't know why we still allow bitfinex to wander around and play in the crypto market like that with their shady tether always manipulating the market. I hope they get closed down by some laws.

[Mahi25 142]

I don't have a clue why regardless we permit bitfinex to meander around and play in the crypto advertise like that with their obscure tie continually controlling the market. I trust they get shut somewhere around certain laws. what's more, I don't confide in the law to be applied with forcefulness either. They are a piece of the biological system sharks and the law will falter to influence them.

[sdsonjoy50 886]

On 10/7/2019 at 9:15 PM, CryptoMaster said:

I think everybody interested in cryptocurrencies markets should keep an eye on the various lawsuits happening against Bitfinex and Tether. This is something that would affect the entire crypto industry. Tether's crash easily imply the crash for the whole industry (at least for some time). 

https://www.courtlistener.com/recap/gov.uscourts.nysd.524076/gov.uscourts.nysd.524076.1.0.pdf

I did not know about this case, I read your post, I know that any case is miserable at all, I hope and pray that this case be finished soon.

[Amirul Islam 382]

On 10/7/2019 at 9:15 PM, CryptoMaster said:

I think everybody interested in cryptocurrencies markets should keep an eye on the various lawsuits happening against Bitfinex and Tether. This is something that would affect the entire crypto industry. Tether's crash easily imply the crash for the whole industry (at least for some time). 

https://www.courtlistener.com/recap/gov.uscourts.nysd.524076/gov.uscourts.nysd.524076.1.0.pdf

We saw many fud news about bitfinex and usd tether. And it impact the markets value. Many people gone from the market. But everyone should research about any news.  

[Amir YT 202]

On 10/7/2019 at 9:15 PM, CryptoMaster said:

I think everybody interested in cryptocurrencies markets should keep an eye on the various lawsuits happening against Bitfinex and Tether. This is something that would affect the entire crypto industry. Tether's crash easily imply the crash for the whole industry (at least for some time). 

https://www.courtlistener.com/recap/gov.uscourts.nysd.524076/gov.uscourts.nysd.524076.1.0.pdf

We got many fud news about bitfinex and tether. And that news made crypto dumped. Many begginers people left the market with their lose. That time we saw massive dump on usdt coin.