Bitcoin

The Race to Lead 3 Class-Action Suits Against IFinex Over 2017 BTC Bull Run Is On

single-image

bitbond bitcoin lending

One legal team looks to lead the three ongoing suits against IFinex alleging that illegal conduct involving iFinex’s subsidiaries Tether and Bitfinex was behind Bitcoin’s (BTC) 2017 bull run.

Per a Jan. 13 filing with the court of the Southern District of New York (SDNY), the counsel for Eric Young, Adam Kurtz and David Crystal are asking to be deemed “Interim Lead Counsel” for a number of parties filing similar class-action suits. Young et al are represented by law firms Radice and Kirby McInerney.

Meaning of the new classification for the case

Such a classification would make Young’s counsel the flagship of a trio of class-action suits against iFinex that also includes Leibowitz et al v. iFinex — originally filed in October — and Laubus et al v. iFinex. It would, moreover, put them at the head of a more general “class” of those similarly situated as having lost money due to iFinex’s alleged market manipulation, which is a potentially massive group of Bitcoin investors.

As Young’s legal team argues, their case

“Contains expert analyses and original statistical analyses that are not found in the Leibowitz Complaint. Further, Kirby and Radice possess extensive, specialized experience representing parties in data-intensive financial, commodities, and antitrust class actions.”

Who will lead the class?

Karen Lerner, a partner at Kirby McInerney spearheading the case, told Cointelegraph that

“Interim class counsel will be responsible for protecting the interests of the class at this stage. That can include representing the class through motions, conducting discovery, and eventually moving for class certification.”

Lerner reiterated the assertion in the recent filings that Kirby McInterney’s experience both in this general area of law and particularly in assembling expert analysis for the allegations were working in favor of their spearheading the class action.

Shifting jurisdictions and the history of the accusations

As Cointelegraph reported last week, Young et al refiled their case from Washington State to SDNY, only to be followed the next day by Laubus’s case, which copied much of the language from Young’s complaint.

IFinex, for its part, has responded to the allegations with strong language. Upon Young’s initially filing in Washington in November, subsidiaries Bitfinex and Tether dubbed the accusations “mercenary and baseless” in simultaneously published posts on their respective websites.

Suspicion as to Tether’s role in manipulating the bull market for BTC in 2017 date back to research originally published in June 2018.





Source

Leave a Reply

avatar
  Subscribe  
Notify of

You may also like

Bitcoin

Bitcoin Price Blitzes the $8.5K Resistance as Bulls Target $8.8K

single-image

bitbond bitcoin lending

As the weekly close approached, Bitcoin (BTC) price gained above $8,500 after spending the previous day trading in the $8,200 to $8,300 range. At the time of writing, bulls are attempting to push through the $8,500 to $8,650 resistance zone in order to inch toward a daily lower high at $8,800.

Bitcoin daily price chart. Source: Coin360

Bitcoin daily price chart. Source: Coin360

Earlier in the day Cointelegraph contributor Scott Melker spotted the bullish development on the hourly timeframe when he tweeted the following chart and said: “Local double bottom breakout. Bottom reversal pattern.”

BTC USD 1-hour chart. Source: TradingView

BTC USD 1-hour chart. Source: TradingView

View More Article
Blockchain

Digital Courts Trial Decentralized Justice, Real World Weighs Verdict

single-image

bitbond bitcoin lending

Imagine a future where conflicts and legal disputes are no longer settled between the four walls of a courtroom but by anonymous jurors of a blockchain network. The concept seems far-fetched, but it is already a reality as a result of some forward-thinking projects that are using the power of decentralized smart contracts and participants that are incentivized to make rulings as jurors.

Kleros, a blockchain dispute resolution system, is already operational, and it has sparked heavy debate around blockchain technology and its application in the legal space. In February, Kleros will be joined by another platform with its own dispute-resolving platform — Aragon Court.

The decentralized court falls under the umbrella of Aragon Association’s decentralized platform that enables users to create a variety of organizations and companies. Users can manage a variety…


View More Article
Blockchain

The Decade of the Consumer–Citizen Governance Dilemma

single-image

bitbond bitcoin lending

The health of a democratic nation’s currency is shaped by two forces: monetary policy, set by its Central Bank; and fiscal policy, set by the state’s ruling government. The thrust of it is that currency and politics are bound together, whether we like it or not. But that’s old news.

Citizens of the cryptosphere are already aware of this, as many members of the community will have been drawn to crypto through dissatisfaction with the governance of modern currencies and the sway that politics has over it. At the very least, we recognize it — and are making choices to hedge our exposure to it.

National politics is increasingly unstable ground — with the political landscape globally colored by polarized opinions. More and more, elections the world over are resulting in coalition governments since no one party receives the majority consensus. Issues such…


View More Article
Blockchain

Indian PM Awards Crypto App Creator as Supreme Court Deliberates on Ban

single-image

bitbond bitcoin lending

India’s Prime Minister Narendra Modi awarded young entrepreneur Harshita Arora, the developer of a cryptocurrency price tracking application, amid an ongoing battle in her home country over the status of cryptocurrency.

In a tweet on Jan. 24, Modi said that Arora’s “passion towards science, technology and human welfare are clearly visible.” She received the Bal Shakti Puraskar 2020: an award recognizing youth’s contributions in the fields of social service, innovation, bravery, sports, art and culture and scholastics.

Arora was born on Oct. 2, 2001, and “created an app to safeguard investors from scammers,” according to Modi’s tweet. Her app, Crypto Price Tracker, is a portfolio management and price tracking app.

She also worked on the “Food AI” application that identifies food in pictures, and another application that helps biologists count cells in microscope images — the aptly named…


View More Article
Blockchain

Telegram Attacks Apple, Musk on Crypto, WEF Debrief: Hodler’s Digest, Jan 20–26

single-image

bitbond bitcoin lending

Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

World Economic Forum debuts framework for central bank digital currency

It was a c-c-c-cold week in Davos, but Cointelegraph’s reporters wrapped up warm to bring you all the news from the World Economic Forum. One particularly big announcement saw the WEF unveil a central bank digital currency policymaker toolkit. The framework, created in tandem with central banks, is designed to help policymakers understand whether deploying a CBDC would be advantageous. In other developments, a global consortium has been formed to focus on developing interoperable, transparent and inclusive policy approaches to regulating digital currencies. At the start of the week,…

View More Article
Bitcoin

Cryptocurrency News From Japan: Jan. 20–24 in Review

single-image

bitbond bitcoin lending

This week’s headlines from Japan include several central banks collaborating on digital currency research, Binance removing the Japanese yen from its platform, Japan’s Liberal Democratic Party investigating digital assets, comments from Japan’s Deputy Prime Minister on digital currency research importance, and Coincheck paying out its first Lisk staking reward. 

Check out some of this week’s crypto and blockchain headlines, originally reported by Cointelegraph Japan.

Japanese political party proposes digital currencies

Japan’s ruling Liberal Democratic Party aims to propose a national digital asset in spring of this year, according to some reports. A parliamentary group of 70 lawmakers will reportedly submit their proposal in February and will note how the currency will act with regard to concerns about individual data security and money laundering. 

Bank of Japan and several other central banks evaluate digital currencies

News of action from Japanese lawmakers coincides with the debut of a research group…


View More Article
Bitcoin

Crypto and Blockchain Firms Pitch In to Help Coronavirus Victims

single-image

bitbond bitcoin lending

Some blockchain and cryptocurrency firms have pledged to help victims of the coronavirus in Wuhan, China. Cryptocurrency exchange Binance pledged to donate 10 million Chinese yuan ($1.44 million) to the effort.

In a tweet on Jan. 25, Binance CEO Changpeng Zhao said that Binance made the pledge but did not make any announcements after a Twitter user tagged him in a news article about cryptocurrency donations being accepted for the cause:

“For #Wuhan, not realistic to do crypto to end beneficiaries. Binance pledged 10m RMB ($1.5m USD) to help #coronavirus victims. We didn’t make any announcements. But [Binance Charity Foundation] BCF/Binance team has been busy for the last few days. Still need help to arrange logistics locally.”

According to a Jan. 25 WeChat post by blockchain…


View More Article