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Wednesday, December 6, 2017

Tether/Bitfinex could crash Bitcoin if their numbers don't add up, and Bitfinex lawyers up!


A couple weeks ago, we were really the only news site touching this. Massive claims of alleged fraud being placed on the Bitfinex exchange, and the currency they're closely associated with "Tether" - so if you missed that article - first read "Did Tether FAKE a hack to cover up crimes? We dive into the conspiracy theory..."

Today, there's been two major developments. 

First, this article from Fortune Magazine. In which Fortune outlines how, if the conspiracy we covered earlier turns out to be true, it could be a disaster for Bitcoin.

Secondly, Bitfinex announced they have hired lawyers, ready to go after those spreading the claims against them which they insist are false.  Stating today:

“In recent months, certain parties and their associates have made false and unsubstantiated claims against Bitfinex, engaging in potential market manipulation activity that is dishonest and unlawful.”

Their most vocal critic, who goes by "Bitfinex'ed" on twitter is expecting to be a target and is tweeting for donations to his "legal defense fund".  In interest of full disclosure - even Bitfinex'ed has been accused of being part of a conspiracy as well, spreading misinformation.

We'll be watching for what happens next!
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Author: Ross Davis
San Francisco News Desk