Connect with us

Blockchain

Bitfinex Scoffs at Tether Market Manipulation Lawsuit: Bittrex and Poloniex File for Summary Judgment

Published

on


Bitfinex says the second attempt by plaintiffs to frame the bitcoin manipulation complaint will fail just like the first attempt.

The Bitfinex comments follow a notice by Bittrex and Poloniex disputing claims that they knew about the alleged market manipulation by Bitfinex.

In June, the plaintiffs namely, Matthew Script, Benjamin Leibowitz, Jason Leibowitz, Aaron Leibowitz and Pinchas Goldshtein filed to add Bittrex and Poloniex to the lawsuit.

Plaintiffs argued that Bittrex and Poloniex are complicit in Bitfinex and the Tether issuer’s alleged grand scheme to launder and circulate billions of unbacked USDT stablecoins.

However, in a new twist to the case, attorneys for Bittrex and Poloniex (the Exchange Defendants) have notified United States District Court Southern District of New York, their intention to move for summary judgment. The notice was filed before Judge Katherine Polk Failla on August 7.

In a blog posting, seemingly prompted by the notice, Bitfinex rails against the lawsuit including moves to implicate Bittrex and Poloniex in the alleged market manipulation.

“This time the lynchpin of their nonsense claim is that market manipulation was executed through bitcoin addresses owned and controlled by Bitfinex, which plaintiffs then allege were used in concert with Bittrex and Poloniex to execute a fantastical conspiracy,’ rails Bitfinex.

Furthermore, Bitfinex says “it will not settle any of the meritless claims plaintiffs continue to manufacture.”

Bitfinex also believes that after losing the case, 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, in their notice, Bittrex and Poloniex say they want a summary judgement made because “plaintiffs cannot prove the central premise of their claims against the exchange defendants.”

The exchange defendants say they do not want burden the court with the pleading arguments unless and until the court denies the motion for summary judgment.

In the court documents, plaintiffs are arguing that two addresses at the centre of the controversial lawsuit, 1J1d and 1AA6, are controlled by Bitfinex. Furthermore, plaintiffs claim “the exchange defendants knew Bitfinex was using them to manipulate the market.”

In their defense, attorneys for Bittrex and Poloniex say 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 attorneys are confident that after their submission, the “burden will then shift to plaintiffs to submit admissible evidence sufficient to create a genuine dispute.”

The case against Bitfinex and its owner, Ifinex Inc was brought to court in October 2019. The plaintiffs initially claimed damages of up to $1.4 trillion. Bitfinex has denied the charges.

Who do you think is winning this legal battle? Tell us your thoughts in the comments section below.

Tags in this story
Bitcoin Addresses, bitcoin manipulation, BitFinex, Bittrex, Ifinex Inc, market manipulation, Poloniex, Summary judgment, Tether, United States District Court, USDT

Image Credits: Shutterstock, Pixabay, Wiki Commons

Source: https://news.bitcoin.com/bitfinex-scoffs-at-tether-market-manipulation-lawsuit-bittrex-and-poloniex-file-for-summary-judgment/

Blockchain

Top 5 cryptocurrencies to watch this week: BTC, NEO, XMR, ADA, LINK

Published

on

The total crypto market capitalization has recovered from the Sep. 6 lows near $314 billion but it is struggling to sustain above the $350 billion mark, which shows that higher levels continue to attract sellers.

Bitcoin’s (BTC) dominance fell from above 68% in mid-May to about 56% in the first half of this month as DeFi tokens embarked on a strong bull run. 

However, in the past few days, the DeFi assets have witnessed sharp corrections and their volatility has increased. This could possibly shift traders’ attention back to Bitcoin. It’s also possible that Bitcoin’s inability to hold above the $11,000 level could also be negatively weighing on the confidence of altcoin and DeFi-token traders.

Crypto market data daily view

Crypto market data daily view. Source: Coin360

Although Bitcoin has been struggling to find momentum, a positive is that the volume of Bitcoin futures trading on Bakkt has been increasing and the exchange whale ratio is near yearly lows. This suggests accumulation by the whales and institutional traders.

Currently, most major cryptocurrencies are not following a general trend as the price action has been mostly coin specific. This has opened up opportunities both on the short side and the long side. Hence, in today’s list, two short ideas have been discussed for the traders who are bearish on the crypto markets.

BTC/USD

The relief rally in Bitcoin is facing stiff resistance near the 50% Fibonacci retracement level of $11,147.60. This shows that the bears have used the current relief rally to initiate short positions.

BTC/USD daily chart

BTC/USD daily chart. Source: TradingView

If the bears can sink the price below the uptrend line and the $10,625 support, it will signal weakness. If the BTC/USD pair sustains below $10,625, it will increase the possibility of a retest of $9,835.

However, if the pair rebounds off the $10,625 support sharply, this will be the first sign that the correction might be over. Trading momentum is likely to pick up after the rally breaks above the downtrend line.

If the price closes (UTC time) above the downtrend line, the possibility of a rally to $12,460 increases. Even though there is resistance at $12,000 it seems likely that it will be crossed.

BTC/USD 4-hour chart

BTC/USD 4-hour chart. Source: TradingView

The pair is currently attempting to rebound off the uptrend line, which suggests that the bulls purchased the dip to this support. The buyers will now make one more attempt to push the price above the $11,147.60 resistance.

If the bounce fizzles out and the bears sink the pair below the uptrend line, a drop to $10,625 could occur. This is an important support for the bulls because selling is likely to intensify if this level breaks down.

If the pair rebounds off $10,625, a few days of range-bound action is possible. The flattening moving average on the 4-hour chart suggests a balance between supply and demand. 

NEO/USD

NEO is currently facing stiff resistance at $25.23, which shows that the bears are aggressively defending this resistance. However, as it is in an uptrend, traders are likely to view the dips as a buying opportunity. 

NEO/USD daily chart

NEO/USD daily chart. Source: TradingView

The immediate support on the downside is at $23 and below that at the 10-day simple moving average ($22.26). If the NEO/USD pair rebounds off either support, it will indicate that the bulls are not waiting for a deeper fall to buy which is a positive sign.

If the bulls can push the price above the $25.23–$25.78923 resistance zone, the uptrend is likely to resume. The next target on the upside is $29.

A break below the 10-day SMA will be the first sign that the momentum is weakening and a drop below $20.9633 will signal a possible change in trend.

NEO/USD 4-hour chart

NEO/USD 4-hour chart. Source: TradingView

The 4-hour chart shows that the bulls pushed the price above the $25.23 resistance twice but they could not sustain the higher levels. This shows that the bears are attempting to stall the rally at this resistance. 

However, on the downside, the bulls have not allowed the price to sustain below $23, which shows that the buyers are accumulating on every minor dip. 

This could keep the pair stuck between $23 and $25.50 for a few more days. The moving averages have flattened out, which suggests a balance between supply and demand. 

XMR/USD

The recovery in Monero (XMR) from the Sep. 5 low of $74.1012 has been strong and the bulls have pushed the price back above the moving averages, which increases the possibility that the correction might be over. 

XMR/USD daily chart

XMR/USD daily chart. Source: TradingView

However, the bears are unlikely to give up without a stiff fight at the $97.4615 resistance. If the XMR/USD pair turns down sharply from the current levels and breaks below $84, a drop to $74.1012 is possible.

Conversely, if the bulls can arrest the next dip at the 20-day exponential moving average ($89), it will increase the possibility of a breakout of $97.4615. Above this resistance, a move to $105.9131–$107.3742 is possible. A break above $107.3742 can result in a rally to $120.  

XMR/USD 4-hour chart

XMR/USD 4-hour chart. Source: TradingView

The 4-hour chart shows that the recovery from $74.1012 has been gradual. Although the bears broke the pair below the 30-EMA on several occasions, they could not capitalize on it and intensify the selling. 

This shows that the bulls are accumulating on dips. Currently, the price has again dipped back below the 30-EMA. If the pair rebounds off the current levels, the bulls will try and drive the price above the overhead resistance at $97.4615.

The short-term momentum is likely to weaken if the bears can break and sustain the price below the immediate support at $87.5629. 

ADA/USD

The relief rally in Cardano (ADA) from the lows of $0.0855982 on Sep. 6 hit a stiff resistance at $0.0997444 on Sep. 13. The moving averages are sloping down, which suggests that the bears are in command.

ADA/USD daily chart

ADA/USD daily chart. Source: TradingView

In a downtrend, the bears short on pullbacks to resistance levels as that improves the risk to reward ratio of the trade. Currently, if the bears can sink the ADA/USD pair below the $0.0855982 support, the decline might resume.

Traders can consider taking positions on the short side with an appropriate stop-loss to benefit from the likely down move. The next support on the downside is at $0.074 but if this support fails to hold, the drop can extend to $0.05. 

This bearish view will be invalidated if the pair rebounds off $0.0855982 and the bulls drive the price above $0.10. Such a move will suggest that the downtrend might be over. 

However, it is not necessary that a new uptrend starts as soon as a downtrend ends because many times, the price remains range-bound as it tries to form a bottom. 

Therefore, traders can step aside and wait for a new bullish setup to form if the price breaks above $0.10.

ADA/USD 4-hour chart

ADA/USD 4-hour chart. Source: TradingView

The 4-hour chart shows that the pair has been gradually declining towards the critical support at $0.0855982 and a close (UTC time) below this level is likely to start the next leg of the down move.

However, if the pair rebounds off $0.0855982, the bulls will make one more attempt to propel the price above $0.10. If they succeed, a quick relief rally is possible.

Conversely, if the price again turns down from $0.10, the pair might remain range-bound for a few days.

LINK/USD

Chainlink (LINK) is in a downtrend and it has been making a lower high and a lower low pattern for the past few days, which shows that the bears are using the relief rallies to sell. 

LINK/USD daily chart

LINK/USD daily chart. Source: TradingView

The down sloping moving averages suggest that the trend favors the bears. If they can sink the LINK/USD pair below $9.65, a drop to $9 is likely. This is an important support to watch out for because a break below this level is likely to resume the downtrend.

The next support on the downside is $7. Therefore, traders can consider benefiting from the possible down-move.

This bearish view will be invalidated if the pair turns up from the current levels or rebounds off sharply from the $9 levels and breaks above the downtrend line. 

LINK/USD 4-hour chart

LINK/USD 4-hour chart. Source: TradingView

On Sep. 5 and 6, the bears were unable to sustain the price below $10.50, which shows that the bulls were attempting to defend this level. 

However, during the current fall, the price has been sustaining below $10.50 for the past two days, which suggests that the buying has dried up.

The moving averages are sloping down gradually and the price is below the averages, which suggests that the advantage is with the bears.

A break above the 30-EMA will be the first sign that the bears are losing their grip. Until then, the path of least resistance is to the downside. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Source: https://cointelegraph.com/news/top-5-cryptocurrencies-to-watch-this-week-btc-neo-xmr-ada-link

Continue Reading

Blockchain

Ethereum’s Scalability Issues Will Not Be Fixed With ETH 2.0

Published

on

ADVERTISEMENT

Ethereum’s scalability issues will not be fixed with ETH 2.0 according to one analyst as we are reading more about it in the latest Ethereum news.

ETH 2.0 could not solve Ethereum’s scalability issues as unique addresses for Defi are growing and surpassed the 450,000 mark since the start of the year. Ethereum has to scale dramatically to on-board the existing crypto user base of 50 million in the DeFi platforms already. ETH 2.0 along with the layer 2 implementations could not be able to keep up with the growth of the network usage from Defi.

The transaction fees on Ethereum cost $7.5 three times that of Bitcoin. Setting up a wallet on MakerDAO costs about $40, compared to Compound’s $10. The crazy fees are not sustainable of course. With the new yield farming incentives on Defi platforms are getting launched every other day, space expands despite alarming signals around the high fees and network congestions. Defi users are waiting for the launch of ETH 2.0 which promises to scale the blockchain but this could not be enough to support the existing number of crypto users.

ADVERTISEMENT

The number of Defi addresses that are rising quickly with the addition of the $350,000 addresses since the start of the year will only increase as Uniswap already surpassed coinbase in terms of trading volume and the user base is tiny compared to one of Coinbase’s 32 million users. Assuming that the network gas fees increased, it is a good time to assess how much of a difference with the ETH 2.0 makes.

eth fees
Ethereum Total Transactions (dotted line) vs Ethereum Transfers (solid line). Source Coinmetrics

ETH 2.0 is set to start with 64 shards and each one will operate as a separate chain with the transaction history. This way, the network could increase the transaction capacity by 64 times. Kruger’s estimate is based on the idea that Defi users have four addresses each. After that logic, that equates to about 114,000 unique users. Following this logic, sharding on ETH 2.0 will not solve the congestion problems. Ethereum’s co-founder Vitalik Buterin endorsed the use of the 2-scaling solutions like OMG and ZK-sync for ordinary transactions and according to him, there’s potential to scale from 12-15 transactions per second.

The higher fees are starting to affect profits and as a result, the exchanges will increase the fees and users will look for other alternatives to move their crypto. Layer-2 solutions are proposed for simple transfers of ETH which the effect of the total gas fees will be minimal.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/ethereum-news/ethereums-scalability-issues-will-not-be-fixed-with-eth-2-0/

Continue Reading

Blockchain

Bitcoin Miner Claims Twitter Handed Banned Acct to Cameron Winklevoss

Bitcoin miner Cameron Asa claims that Twitter wrongfully terminated his possession of the @Cameron Twitter handle and handed it to Gemini co-founder Cameron Winklevoss. Asa claimed in a tweet that has since been deleted that he set up @Cameron “well over 10 years ago,” but Twitter inexplicably banned the account and rebuffed all attempts to […]

The post Bitcoin Miner Claims Twitter Handed Banned Acct to Cameron Winklevoss appeared first on BeInCrypto.

Published

on

Bitcoin miner Cameron Asa claims that Twitter wrongfully terminated his possession of the @Cameron Twitter handle and handed it to Gemini co-founder Cameron Winklevoss.

Asa claimed in a tweet that has since been deleted that he set up @Cameron “well over 10 years ago,” but Twitter inexplicably banned the account and rebuffed all attempts to engage for two years.

Source: Twitter

According to Asa, Twitter never actually gave a solid reason for banning his account. He insists that he did nothing wrong, but the platform deliberately ignored his attempts to appeal his ban until enough time had passed for the handle to legally be reassigned.

Source: Twitter

From Genesis to 2018 Ban

A Twitter OG (Original Gangster) account is a type of Twitter account which is especially desirable and in-demand because the handle is short and memorable. Examples of Twitter OG accounts are @David, @Jack, @0x and @Cameron.

Asa, who works full time as a bitcoin miner, says that he was never actually informed about what he actually did wrong to earn the ban. He claims that despite reaching out repeatedly during the period, he was simply ignored.

Source: Twitter

In February 2018, Twitter announced a revision to its policy on automation and use of multiple accounts with a March 28 compliance deadline. The policy aimed to tackle the proliferation of sock puppet accounts and fake engagement on the platform. It resulted in a purge of up to 70 million accounts deemed suspicious or inauthentic.

Asa claims that while other people with both personal and parody accounts lost their parody accounts, he lost his personal account. In so doing, he says, he was locked out of his account and unable to tweet until enough time had elapsed for the handle to legally be changed and reassigned.

Source: Twitter
Source: Twitter

Twitter Seemingly Reassigns Account to Cameron Winklevoss

Asa says that he believes his attempts to prove his innocence were intentionally ignored so that Twitter  could give his account to Winklevoss.

Source: Twitter

Twitter’s rules on the subject of account reassignment due to inactivity read as follows:

“We encourage people to actively log in and use Twitter when they register an account. To keep your account active, be sure to log in and Tweet at least every 6 months. Accounts may be permanently removed due to prolonged inactivity.”

BeinCrypto reached out to Winklevoss for comment, but we were unable to establish contact with him as of press time. In the meantime, a glance at Winklevoss’ Twitter page confirms that he is indeed the current owner of the @Cameron handle.

BeinCrypto will bring more updates as the story develops.

Source: https://beincrypto.com/bitcoin-miner-claims-twitter-handed-banned-acct-to-cameron-winklevoss/

Continue Reading

Trending