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Bitrix and Poloniex exchanges became defendants in the case of market manipulation

Bitrix and Poloniex exchanges became defendants in the case of market manipulation

Bitrix and Polonies are added as defendants in a class-action lawsuit filed last year against Bitfinex and Tether on charges of manipulating the cryptocurrency market.

Cryptocurrency exchanges Bitrix and Polonies were added as defendants in an updated lawsuit filed on June 3 in the district court for the southern district of new York. An initial class action lawsuit against the cryptocurrency exchange Bitfinex and the stablecoin Issuer Tether was filed
in October 2019.

In the updated claim
it is alleged that the accused manipulated the cryptocurrency market by artificially increasing prices and caused “billions of dollars of damage” to traders.

The updated lawsuit also alleges that Bittrex and Poloniex “were aware participants in this scheme.” That is, they knew that Bitfinex was transferring a large number of unsecured USDT to their exchanges.

The new version of the statement of claim also changed the list of plaintiffs. Cryptocurrency trader Matthew Script was added as an additional plaintiff, and David Leibowitz) removed from the list. In addition, Global Trade Solutions AG, which was originally one of the defendants, does not appear in the updated lawsuit.

It is worth noting that in the original lawsuit, the damage from the activities of Bitfinex and Tether was estimated at $1.4 trillion, but this amount is not mentioned in the updated lawsuit. The plaintiffs are currently seeking compensation for “expenses incurred” and legal costs, and are seeking a jury trial for all claims.