Embattled Crypto Exchange Bitfinex Responds to Second Class Action Lawsuit

The embattled crypto exchange Bitfinex replied to a class action lawsuit made against the company and its sister company Tether in a post on the company website, published on 24th November.

The post briefly details the class action complaint filed on the 22nd November, issued in the U.S District Court for the Western District of Washington. The cryptocurrency exchange company compared the lack of solid grounds of the “copycat lawsuit” and its deficits to a previous U.S. District Court for the Southern District of New York class action complaint that was filed on October 6th, just last month.

The company claims that the class action complaint was filed without any real merits against Bitfinex, a Hong Kong-based cryptocurrency exchange and Tether (USDT), a digital currency. The response posted by Bitfinex denies the allegations, stating that the plaintiff’s claims are not based on any merit and that the company challenges the research they have produced to support their case.

Bitfinex then goes into detail about how they plan to proceed with the case, stating that they will not be seeking to reach any legal settlements; on the contrary, the cryptocurrency exchange plans to contest the claims from both lawsuits and will deal with them accordingly.

Bitfinex’s post states that the “mercenary” lawyers are using both Bitfinex and Tether just to gain profits, further adding that once they are dealt with, both companies will conjure up all legal options regarding putting an end to the emergence of such baseless claims.

The company says that they are proud to play an important role against the groundless accusations that are a threat to the growth and development of the digital token ecosystem, and additionally stating that such lawsuits are an insult to the company’s dedication and to the members of the cryptocurrency industry.

Bitfinex is a crypto asset trading platform that was established in 2012. It offers different services for cryptocurrency traders and worldwide liquidity providers. Other than crypto trading services and charting features, the company also provides tools to the consumers such as peer-to-peer financing, over-the-counter market and margin trading for the cryptocurrency and other virtual assets.

The company concluded the reaction post by saying that they have never utilized the Tether stablecoin to manipulate the digital currency market or Bitcoin’s price. Tether coins on Bitfinex are issued and exchanged due to market demand, completely backed by reserves, with no intention behind it to manipulate the pricing of any cryptocurrency.

The response ends by the proclamation that it is careless to accuse Tether or Bitfinex of taking a part in an illegal activity.