Leading Crypto exchange Bitfinex is battling a class-action lawsuit complaint that it described as mercenary and baseless. The exchange revealed in a Nov 24  announcement that the lawsuit gave them no advance notice prior to filing on Nov 22.

<h2>Bitfinex: no “nuisance settlements” </h2>
Meanwhile, the exchange used sharp language to cast astray the motives and legitimacy of the lawsuit. A lawsuit it compares as copycat to another one;  filed earlier at the District Court of Southern New York. Additionally, summing it up as “suffering from the same multitude of deficiencies lacking <a href="https://www.cryptoknowmics.com/crypto/silvergate-ceo-bitcoin-will-not-replace-us-dollar/">merit</a> and based on bogus research claims. Moreover, the notice goes on to state: 

“As we predicted last month, mercenary lawyers continue to try to use Bitfinex and Tether to obtain a payday. To be clear, there will be no nuisance settlements or settlements of any kind reached.”

The crypto exchange noted that it would strongly contes raised claims; both for the new lawsuit and the prior one.Which it claims will be a rather successful crash in due course.

 In case of winning the lawsuit, Bitfinex and Tether will be able to fully assess their legal options against the complainant. Nonetheless, the firms characterize the legal suits as an organized: 

“attack on the growth, success and innovation of the digital token ecosystem” 

On the other hand, the announcement further recalls the companies’ denial of Tether tokens as a means of market manipulation. The company refutes the allegations as well as other allegations that claimed the token was not backed at 1:1 ratio to the United States Dollar. 

The statement also noted that the current lawsuits are due to accusations of Bitfinex’ operator iFinex and Stablecoin Issuer <a href="https://en.wikipedia.org/wiki/Tether_(cryptocurrency)">Tether</a> made to the New York Attorney General’s Office; for losing upto $850 million of commingled corporate and client funds and subsequently took part in a cover up to disguise the apparent loss. 

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Bitfinex Response to New Lawsuit as ‘Mercenary and Baseless’

Leading Crypto exchange Bitfinex is battling a class action lawsuit complaint that it described as mercenary and baseless.

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience.

Bitfinex Response to New Lawsuit as ‘Mercenary and Baseless’

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