Plaintiffs represented by lawyers Vel Freedman and Kyle Roche alleged that Bitfinex has routinely used Tether’s USDT stablecoin to prop up the price of Bitcoin and caused more than $1.4 trillion in damages. The lawsuit against Bitfinex was filed yesterday in the United States District Court in the Southern District of New York. Legal documents show that the exchange was involved in an elaborate scheme to “defraud investors, manipulate markets, and conceal illicit proceeds.” The lawsuit also alleges that the Commodities Exchange Act, the Sherman Act, federal RICO statute, and New York trade practices laws have been broken by Bitfinex.
full story: https://beincrypto.com/bifinex-1-4-trillion-class-action/