Class action against Tether and Bitfinex: Bitcoin exchanges Bittrex and Poloniex now indicted

The Stablecoin Tether (USDT) creates mixed feelings in the crypto community. Because new tokens that correspond to the value of $ 1 USD are constantly being reprinted. But again and again it is said that they should not be covered 1: 1 with the fiat currency. Because of this, a lawsuit was filed against Tether and Bitfinex last year. As it became known yesterday, Poloniex and Bittrex have now also been included in the trial by a possible participation and have also been charged.

Poloniex and Bittrex are said to have supported the issue of USDT

The criticism of so-called stablecoins does not seem to stop until they can cover and prove their currency 1: 1 with dollars. But since the beginning of last year, there has been no criticism after a lawsuit was filed against Tether and iFinex, the operator of Bitfinex, in the Southern District of New York.

As announced today, two other parties are now involved in this indictment. The Bitcoin exchanges Poloniex and Bittrex are also suspected of supporting Bitfinex and Tether in the fraudulent issuance of Tether (USDT). In the official Documents it says:

With the eager support of Bittrex, Inc. ("Bittrex") and Poloniex LLC ("Poloniex"), two other crypto exchanges, Bitfinex and Tether used fraudulently issued USDT to make strategically timed, massive purchases of crypto assets, exactly when the price of these goods fell.

Source: courtlistener.com

Bittrex and Poloniex have made the paid USDT available to their customers, thereby enabling the trading of cryptocurrencies, which leads the two to "Accomplices" makes.

Bitfinex and Tether profit, investor losses

The indictment names a large number of individuals who have lost capital through abuse of USDT. Your crypto purchases are listed in detail, which they claim resulted in losses as a result of the issuance of USDT by Tether and Bitfinex.

According to the indictment, the method of issuing new USDT is "extremely effective"been and drove the price of Bitcoin and Co. far above their actual value.biggest bubble in human history" guided.

Despite persistent criticism, stablecoins are enjoying increasing popularity. A few days ago, the market reached a total value of more than $ 10 billion, and Tether (USDT) overtook Ripple (XRP) and is now in 3rd place. We have compiled all the information for you in the following article:

The Flippening - Tether (USDT) overtakes Ripple (XRP) and takes 3rd place

Markus from Kryptokumpel.de
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