Bitfinex Angry About Having to Fight Another ‘Baseless’ Class Action Lawsuit

On Sunday (November 24), crypto exchange Bitfinex announced that on November 22 a new class action had been filed against it and stablecoin issuer Tether in the U.S. District Court for the Western District of Washington.

The announcement posted on Bitfinex's website did not try to hide the company's disdain for this class action that the company claimed was filed at the court without any advance notice given to them by the plaintiffs' lawyers.

Bitfinex says that this "copycat lawsuit" is just as "baseless" as the class action complaint filed on October 6 in the U.S. District Court for the Southern District of New York.

Bitfinex goes on to say that the "mercenary lawyers" going after Bitfinex and Tether in search of a big payday should realize that "there will be no nuisance settlements or settlements of any kind reached." 

The announcement ends with a strong denial from Bitfinex that neither Bitfinex nor its affiliates have engaged in any kind of price manipulation of the crypto market:

"Bitfinex and its affiliates have never used Tether tokens or issuances to manipulate the cryptocurrency market or token pricing. All Tether tokens are fully backed by reserves and are issued and traded on Bitfinex pursuant to market demand, and not for the purpose of controlling the pricing of crypto assets. It is irresponsible to suggest that Tether or Bitfinex enable illicit activity due to the efficiency, liquidity and wide-scale applicability of Tether's products within the cryptocurrency economy."

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