Bitfinex Responds: The Lawsuit Is ‘Mercenary And Baseless’

Bitfinex responds to the latest lawsuit coming from the US District Court for the Western District of Washington saying that it is ‘’ mercenary and baseless.’’ As we reported earlier in our crypto news, the Tether-affiliated crypto exchange is in a new battle with a new class action complaint.

In the announcement published on November 24, the exchange revealed that the lawsuit was filed against both companies three days ago, on November 22 without advance notice. Bitfinex responds to the lawsuit by using a sharp language to cast aspersions on the motivation and legitimacy of the fresh legal action. The exchange compared the lawsuit that purportedly ‘’copycat lawsuit’’ to the one filed earlier this wall at the District Court for the Southern District of New York.

The new action, Bitfinex claims that it suffers from the same maltitude of deficiencies by making claims that both are similarly without merit and based on what it is considered to be ‘’bogus research.’’ The language remains sharp as the announcement continues to state:

 “As we predicted last month, mercenary lawyers continue to try to use Bitfinex and Tether to obtain a payday. To be clear, there will be no nuisance settlements or settlements of any kind reached.”

Bitfinex says that it will contest the claims raised by both the prior lawsuit and this one claiming it will succeed to trounce the allegations in due course. If they succeed, Bitfinex and Tether will fully evaluate their legal options against the plaintiffs according to the announcement. The companies explained that the lawsuits are ‘’attack on the growth, success, and innovation of the entire digital token ecosystem’’

The announcement also redoubles the companies’ denial that the Tether tokens or issuance have been used to manipulate the crypto markets and it also refutes the allegations that Tether as well as persistent allegations the token is not really backed by the US dollar 1:1. The exchange is now fighting its case on crypto Twitter with Bitfinex CTO Paolo Ardoino saying that he ‘’can’t wait to annihilate this one too.’’

As reported previously, Bitfinex and its iFinex operator along with the stabelcoin issuer Tether, have been accused by the New York Attorney General’s office to have lost more than $850 million of the commingled client and corporate funds to have engaged in a cover-up to hide the losses.