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Bittrex and Poloniex accused of Manipulating Bitcoin Price

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Bittrex and Poloniex

In the case against Bitfinex and Tether 2019, additions were made according to which two more trading floors could be involved in artificially inflating the price of the first cryptocurrency to $ 20,000.

Bittrex and Poloniex

The Bittrex and Poloniex exchanges are accused of manipulating the Bitcoin rate. It is alleged that trading exchanges helped fictitiously increase the price of an asset in 2017 when it set a historic high at around $ 20,000.

Initially, allegations of manipulation of BTC quotes were directed to the Bitfinex exchange and its associated company Tether, which issues the stablecoin USDT. A lawsuit against them was filed in October 2019. According to the case file, Tether “printed” unsecured crypto dollars and used them to artificially inflate the prices of bitcoin and other cryptocurrencies. This resulted in millions of dollars in losses to users.

New Сharges Against Bittrex and Poloniex

Now the lawsuit is supplemented. The prosecution claims that the Bittrex and Poloniex exchanges were also involved in the “pump” of the Bitcoin exchange rate in 2017. They helped Bitfinex and Tether make a coordinated purchase of cryptocurrency during the fall of its price. Thus, the sites created the illusion of liquidity and high demand.

“Bittrex and Poloniex voluntarily contributed to Bitfinex and Tether, who used the fraudulently issued USDT to make strategically calculated bulk purchases of cryptocurrency exactly when the price of these assets fell,” the case file said.

The prosecution clarified that Bittrex and Poloniex worked closely with Tether and knew that every USDT token had to be backed up by a US dollar at that time. At the same time, the stablecoin listing helped the sites quickly rise in the ranking and take a place among the largest crypto industry exchanges.

On May 18, BMA LLC filed a lawsuit in the US District Court against the derivatives exchange BitMEX and its co-founders Arthur Hayes, Ben Delo, and Samuel Reed. The marketplace is accused of manipulating the cryptocurrency market and prices, fraud, money laundering, and other crimes.

 

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