Crypto Cos. Want Out Of $1.4T Bitcoin Manipulation Suit

Law360 (September 4, 2020, 5:54 PM EDT) — Tether, Bitfinex, embattled former NFL investor Reginald Fowler and others accused of manipulating the bitcoin market asked a New York federal judge to let them out of a $1.4 trillion proposed securities class action in a flurry of motions filed Thursday.

The two cryptocurrency companies at the heart of the consolidated action, Bitfinex and Tether, said in their joint dismissal bid that the allegations against them were “ridiculous.”

According to the proposed investor class, Bitfinex and Tether used billions of tether tokens to flood the Bitfinex exchange and buy up other cryptocurrencies. Because the market was led to believe tethers were…

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