First of all, Kyle Freedman tweeted today “@RocheFreedmanLP filed a class-action lawsuit Tether and Bitfinex (and others) for manipulating the cryptocurrency market and to create the largest bubble in history.”
There are some times when crypto enthusiasts are shocked because of the manipulation in the crypto space. We speculate a lot about what is happening in the crypto markets. It seems when we engage in this topic, nobody knows for sure what’s going down.
It has been alledged BitFinex and Tether allegedly defrauded investors. They allegedly manipulated markets and concealed illicit proceeds.
What do you think is it possible for these two companies to have created cycles where they could benefit from it?
The allegations were that Tether flooded BitFinex with tokens. This resulted in an artificially inflated demand for cryptocurrencies. Due to that, there were possibilities for these two companies to have been responsible for the 2017 crypto bull run.
This is and this is going to be a difficult task to prove these allegations.
Prior to today, BitFinex denied these allegations on Saturday. I am just wondering how this will impact crypto space?
Blockchain technology is our future. We believe in this advance technology to pave us a brighter future. Crypto’s maybe digital currencies being used on the blockchain, these things boil down to the value of cryptos.
What normally triggers a bull run is a technical achievement. Consequently, it seems like the bull run of 2017 was due to the ERC20 contracts and ICO’s.
Finally, I hope this will not put us back to help people to develop a passion for these things.