$1.4 trillion sued by Bitfinex and Tether- the largest bubble in the history of mankind

A lawsuit has been filed with the Southern District District Court of New York against the Bitfinex cryptocurrency exchange and the stable coin issuer Tether. Claimants accuse companies in that they filled the market with unsecured tokens tied to the US dollar, which led to the emergence of “the largest bubble in the history of mankind.” Prosecutors estimated their losses from Bitfinex and Tether at $ 1.4 trillion. The lawsuit was filed by lawyers Vel Freidman and Kyle Roche, who had previously sued Craig Wright in a federal court in Florida. The plaintiffs also accuse Bitfinex of violating the laws on commodity exchanges and on countering racketeering and corruption. According to prosecutors, Bitfinex organized “a sophisticated scheme based on advanced cryptocurrency technology and used it to deceive investors, manipulate markets and conceal illegal incomes.”
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