An entity marketing itself as a payment processor is at the center of a lawsuit accusing a cryptocurrency exchange and stablecoin issuer of market manipulation, resulting in damages claims of $1.4trn.
Filed Sunday in the U.S. District Court for the Southern District of New York, the suit targets a number of entities connected to Bitfinex, one of the world's largest cryptocurrency exchanges, and Tether, the entity behind the USD-pegged cryptocurrency of the same name.
The lawsuit alleges that the companies worked together to run a “part-fraud, part-pump-and-dump and part-money laundering scheme” to manipulate the cryptocurrency market.
Request a Free Trial
As a trusted source of regulatory intelligence for the global payments industry, we enable organisations to manage the growing volume and velocity of regulatory risk with confidence, empowering more informed and effective decision making, in an efficient and cost-effective way.Take a Trial