Today,BitfinexadvisedtheU.S.DistrictCourtintheSouthernDistrictofNewYorkofitsintentiontofileamotiontodismissthefrivolousclassactionlawsuitfiledlastmonth.ThemotionwillallegethatmanyofPlaintiffs'causesofactionlacktherequiredlegalbasistoproceedpasttheveryearlystageofthecase.
ThereareseveralreasonstolookatthePlaintiffs'claimswithajaundicedeye,includingthefollowing.Plaintiffs'accusationsofbitcoinmanipulationlargelyrelyonadraftofanunpublishedacademicpaperbyJohnM.GriffinandAminShams.Separateandapartfromkeymethodologicalflawsinthepaper,itwasrecentlyamendedtowalkbacksupportforacoreallegationofthePlaintiffs'complaint.Thecomplaintalsoignoresanarrayofotherfactorsthatcontributedtothespikeinthepriceofbitcoinin2017.Furthermore,thecomplaintclaims,withoutevidenceandindefianceofreason,thatsomehowTethermanipulatedamarketmorethansevenhundredtimesthesizeoftotalTetherUSDTissuancesincirculationbetweenMarchandDecemberof2017,somethingthatanysophisticatedandrationalobserverofthedigitaltokenecosystemknowstoberidiculous.
Bitfinexlooksforwardtoputtingthetruefactsbeforethecourtatthisstageandthroughouttheproceedings.ThePlaintiffscontinuetoactinawaythatunderminesthemanycontributionsofthousandsofmembersofthedigitaltokeneconomy.BitfinexwillvigorouslycontestPlaintiffsclaimsandrelentlesslydefenditself,itscustomersandstakeholders,andthecryptocurrencycommunity.
Toviewthefulltextofthepre-motionlettertothecourt,clickhere.
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