Bitfinex states the next effort by plaintiffs to frame the bitcoin manipulation complaint will fail like the very first effort.
The Bitfinex remarks follow a note by Bittrex and Poloniex disputing claims that they knew concerning the alleged market manipulation by Bitfinex.
Back in June, the plaintiffs specifically, Matthew Script, Benjamin Leibowitz, Jason Leibowitz, Aaron Leibowitz and Pinchas Goldshtein registered to include Bittrex and Poloniex into the suit.
Plaintiffs contended that Bittrex along with Poloniex are complicit in Bitfinex and the Tether issuer’s alleged grand strategy to launder and circulate tens of thousands of unbacked USDT stablecoins.
However, in a brand new twist into the situation, lawyers for Bittrex and Poloniex (the Exchange Defendants) have informed United States District Court Southern District of New York, their intention to move for summary judgment. The note was filed prior to Judge Katherine Polk Failla on August 7.
In a blog post, apparently prompted by the note, Bitfinex railings against the litigation including movements into implicate Bittrex and Poloniex from the alleged market manipulation.
“This time the lynchpin of the crap claim is that market manipulation was implemented through bitcoin addresses possessed and commanded by Bitfinex, which plaintiffs then allege were utilized in concert with Bittrex and Poloniex to perform a stereotypical conspiracy,’ railings Bitfinex.
Additionally, Bitfinex states “that it won’t settle any of those meritless claims plaintiffs continue to fabricate.”
Bitfinex also considers that after dropping the situation, the “plaintiffs and their attorneys will doubtless go back to the drawing board to dream up new theories ultimately designed to give them reasons to claim monies to which they have zero entitlement.”
Meanwhile, within their opinion, Bittrex and Poloniex state they need a summary decision created because “plaintiffs cannot prove the central premise of their claims against the exchange defendants.”
The exchange defendants say they don’t want burden the court with the pleading arguments unless and until the court denies the motion for summary judgment.
In the court records, plaintiffs are claiming that two speeches in the middle of the contentious lawsuit, 1J1d and 1AA6, are commanded by Bitfinex. Furthermore, plaintiffs assert “the exchange defendants knew Bitfinex was using them to manipulate the market.”
In their defense, lawyers for Bittrex and Poloniex state they “will submit with their summary judgment motions admissible evidence demonstrating the actual ownership of the 1J1d and 1AA6 accounts by this individual, rather than Bitfinex.”
The lawyers are convinced that following their entry, the “burden will then shift to plaintiffs to submit admissible evidence sufficient to create a genuine dispute.”
The situation against Bitfinex and its proprietor, Ifinex Inc was introduced to court in October 2019. The plaintiffs originally claimed damages of around $1.4 trillion. Bitfinex has denied the charges.
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