Bitfinex Claims NY based Firm filed an “opportunistic” lawsuit

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Shreya Kapoor
Shreya Kapoor is a writer for Thecoinrepublic. She has been a keen admirer of the crypto sphere. She enjoys writing and covering news related to the latest happenings in the blockchain industry. Shreya is a 20-year old budding journalist, with a tinge of good vocabulary.

Bitfinex is a digital platform that was founded in 2012 that helps in providing services for global payments and digital currency traders. It aims at providing and forming a digital currency to help people who are liquidity providers in the world.

According to the recent claim by a research paper on the Tether and Bitfinex, these two are collectively responsible for manipulating the Cryptocurrency price in the Market. Bitfinex claimed that the points which were taken into consideration for this study were incomplete and the data was manipulated and it also followed the false methodology.

Bitfinex also claimed that there should be proper action against these researchers who have made this research paper for defaming or blackmailing the Bitfinex and Tether.

Bitfinex also claimed that the lawsuit could be filed very soon and this should not worry anyone. Bitfinex also claimed that before filing any lawsuit, it should be made clear that all the allegations which are framed, on the basis of the research paper are false and this is an attempt to blackmail not only Bitfinex and Tether but on entire digital currency community. Bitfinex also claimed that this blackmailing could be for grabbing money also because even after the allegations the market price of Bitfinex is high. Bitfinex also claimed that this could be an attempt to defame the entire digital token community of which Bitfinex and Tether are key elements and also to suppress the growth rate of digital tokens.

By doing this they are not only suppressing the work done by Bitfinex and Tether but also the work which is done by several other colleagues who are working hard for the upliftment of the digital tokens globally as this will prove to be helping hand for global payments.

Bitfinex also provides access to person to person financing, an OTC market and margin trading for a large number of digital assets. The reason behind the success of Bitfinex is its market strategy which creates the difference among Bitfinex and it’s contenders. Bitfinex strategy mainly aims at providing good customer service, advance tools and recent innovations to its professional traders and liquidity providers around the world.

Bitfinex is constantly claiming that neither Bitfinex nor any of its associates have used Tether tokens or issuances for manipulating pricing of token pricing or cryptocurrency market but they are issued only considering the market demand and its need.

All Tether tokens and issuances are fully reserved and backed and are issued only to cater to market needs and demands, not to control the pricing of Crypto assets.

There is also an ongoing lawsuit against Bitfinex and Tether with NYOAG (NEW YORK OFFICE OF ATTORNEY GENERAL) in which there is a difference in the balance sheet of 851 US dollars. This fault was carried because it was said that Tether and Bitfinex are fully backed but in reality, there is a loss of 851 US DOLLARS due to loss and theft of digital assets.

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