iFinex violated Sherman Antitrust Act laws

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A group of investors are suing iFinex, the company behind Tether and Bitfinex. They claim $ 1.4 trillion in damages, accusing iFinex of cheating.

The accusers are David Leibowitz, Benjamin Leibowitz, Jason Leibowitz, Aaron Leibowitz and Pinchas Goldshtein, “on behalf of all others in a similar manner.” iFinex is accused of orchestrating “a sophisticated scheme that co-opted a revolutionary innovation – cryptocurrencies – and used it to deceive investors, manipulate markets and hide illicit revenues.”

The claimants called the iFinex actions “partial fraud, pump-and-dump scheme and partial money laundering”, as Tether and Bitfinex hid their corporate identity and shared customer funds. Companies have hidden their connection well enough to perform highly efficient operations on the cryptocurrency market.

Sherman Antitrust Act was violated

The allegations claim that iFinex violated Sherman Antitrust Act laws with a monopoly on the stable cryptocurrency market, controlling “over 80% of the market”. Also, the company would have engaged in market manipulation in violation of the Commodity Exchange Act and implemented a racketeering scheme, as defined by US law.

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The claimants claim $ 1.4 trillion in damages, claiming that, as of 2017, USDT printing actions led to the largest Bitcoin bubble in history, and subsequently exacerbated the losses.

Currently, there is more than $ 4.1 billion in the market, which runs on most cryptocurrencies. About half of USDT’s liquidity enters the BTC market, while the rest support the position of a low selection of altcoins