Create a FREE account and...
Manage your own Watchlist
Access all education lessons
Converse with other crypto enthusiasts
Be a part of the Interactive Crypto Community
OR
Please fill out the required fields Please fill out the required fields Please fill out the required fields
Get Into Cryptocurrency Trading Today
After experiencing a few âflash-crashâ problems and the publication of information on the removal of Ifinex from the register of Singaporeâs ACRA (Corporate Regulatory Authority), AB33 wishes to pursue a claim against Bitfinex. To accomplish this, it plans to file a class action suit.
Alledgedly, Ifinex, based in the British Virgin Islands, manipulates the crypto-market by owning and operating the BITFINEX trading platform.
A recent Twitter post by AB33 explicitly announced their intentions to file a class action suit against Ifinex. The charges appear to be related to the conversion of BFX tokens into IFINEX shares and stock market piracy back in 2016.
In fact, to quickly offset the loss of an estimated $72 million in client funds, the exchange chose to allocate itself amongst its users. This led to a 36% conversion of account balances into BFX tokens.
Although they promised a refund of all tokens in their dollar value, BITFINEX also began to encourage its customers to convert their tokens into the companyâs own shares.
AB33 also accuses them of violating the laws of the British Virgin Islands by issuing shares for an anonymous entity registered with limited liability.
Around November 29th, there were a few âflash-crashesâ that affected between 60% and 98% of the Altcoin marketplace on the Bitfinex exchange. These crashes caused panic amongst several other marketplaces. Bitfinex argued that the only reason for limiting its stock market decline was the protective measures that it took.
The company disputes the existence of any technical problems that could have caused the crash in market value. However, allegedly, near the end of November, the exchange had been a victim to a DDos attack.
Moreover, a telegram group was able to compile CSV files showing transactions made before and during the crash. After analyzing this data, it becomes clear that the platform had been attacked.
It only took 2 seconds for the value of a token to go from $3.41 to $0.11. During the attack, users were able to purchase 12,720 FTEs for somewhere in between $2,751 and $3.4, after which the price dropped all the way down to $0.11. All of this after only 12 seconds of inactivity of the platform.
The telegram group was able to save some of the evidence that makes Bitfinex a suspect of fraud. According to the group, the notebooks presented by the platform could simply be a lure. A way in which they could show to the public that they have the most liquidity on the market.
For this technique to work, Bitfinex also had to import the order books from other exchanges. Giancarlo Devasini, Bitfinexâ financial director, has previously mentioned that this has been his strategy in the past.
Shortly before AB33âs intentions to prosecute IFINEX, there were documents circulating online that indicated the company had been removed from the list of Singapore companies on November 6th.
This news is perfectly plausible since IFINEX had never informed its customers about the registration of the company in Singapore. Some say that this could simply be another way for the company to manipulate the stock market.
Create a FREE account and...
Manage your own Watchlist
Access all education lessons
Converse with other crypto enthusiasts
Be a part of the Interactive Crypto Community
ALL
TRENDING
WATCHLIST
Total Market Cap The Total Market Capitalization (Market Cap) is an indicator that measures the size of all the cryptocurrencies.It’s the total market value of all the cryptocurrencies' circulating supply: so it’s the total value of all the coins that have been mined.
{[{ marketcap }]} {[{ marketcapchange.toLocaleString(undefined, {maximumFractionDigits:2}) }]}% (24H) {[{ marketcapchange.toLocaleString(undefined, {maximumFractionDigits:2}) }]}% (24H)
Symbol
Price Cryptocurrency prices are volatile, and the prices change all the time. We are collecting all the data from several exchanges to provide the most accurate price available.
24H Cryptocurrency prices are volatile… The 24h % change is the difference between the current price and the price24 hours ago.
Trade
{[{ item.name }]}
{[{ index + $index}]}
{[{ item.pair.split('_')[0] }]}
Ƀ{[{item.price.toLocaleString(undefined, {maximumFractionDigits: 5}) }]} ${[{item.price.toLocaleString(undefined, {maximumFractionDigits: 5}) }]}
{[{ item.change24.toLocaleString(undefined, {maximumFractionDigits: 2}) }]}%
{[{ item.change24.toLocaleString(undefined, {maximumFractionDigits: 2}) }]}%
Symbol
Price Cryptocurrency prices are volatile, and the prices change all the time. We are collecting allthe data fromseveral exchanges to provide the most accurate price available.
24H Cryptocurrency prices are volatile… The 24h % change is the difference between the current priceand the price24 hours ago.
Trade
{[{ item.name }]}
{[{ index + $index}]}
{[{ item.pair.split('_')[0] }]}
Ƀ{[{item.price.toLocaleString(undefined, {maximumFractionDigits: 5}) }]} ${[{item.price.toLocaleString(undefined, {maximumFractionDigits: 5}) }]}
{[{ item.change24.toLocaleString(undefined, {maximumFractionDigits: 2}) }]}%
{[{ item.change24.toLocaleString(undefined, {maximumFractionDigits: 2}) }]}%
Mysterious crypto trader quit FTX and SVB just before they collapsed
32 minutes ago | Crypto news
Magic Eden Launches Bitcoin NFT Marketplace
38 minutes ago | CryptoPotato
Bitcoin Transactions Rise, But Exchange Activity Remains Flat: Glassnode
40 minutes ago | Bitcoinist
Biggest Movers: XRP Surges to Strongest Point Since November
41 minutes ago | Bitcoin
JustBit Casino Review
JustBit Casino, which specializes in virtual currencies, is easy to use because withdrawals are expl...
Huobi Token General Overview
Is Ripple The Cryptocurrency of 2021? - In Depth Review of Ripple XRP
Ethereum Classic Review
Monero General Overview
XBO
XBO.com cryptocurrency exchange redefines how you interact with crypto. Designed to make the benefit...
Bithumb
Understanding Bithumb This article highlights what is Bithumb and where it is located. It also di...
Bitstamp
Bitstamp's continued success in the crypto market This article highlights what Bitstamp is. I...
Bitfinex
Bitfinex general overview delves deep into its operations since its inception in 2012 up to date. It...
FTXUS
Introduction to the FTXUS Trading Platform FTXUS is a type of cryptocurrency derivatives exchange...
Mobi
Are you someone who makes international payments regularly using Bitcoin? Or do you travel a lot and...
Bitcoin.com
Bitcoin.com is a free downloadable Bitcoin wallet that allows users to trade and receive Bitcoins. T...
BTC.com
Created by Bitmain in 2016, BTC.com is a leading open-source Bitcoin and Bitcoin Cash storage platfo...
Cryptopay.me
Updated, Apr 04, 2020 Cryptopay is a revolution for Bitcoin users. This platform offers its custo...
Mycelium
MyCelium is an application for Mobile that offers many possibilities of security and confidentiality...
BITFINEX and Its Critics
After experiencing a few “flash-crash” problems and the publication of information on the rem...
The Bitcoin Seasonal Effects
Seasonality in assets is the regular and predictable price changes. Bitcoin, like the other...
DASH Review
What Is DASH...
Crypto Debit Card Debuts in Europe
Crypto users in the European Union now have an additional option of spending their crypto...
Daily Technical Analysis | Ether | Bitcoin | Ripple 2/20/2018
ETH/USD Daily Chart Technical Analysis Our preference: The bias is to the upside but short-term...
Are we going towards a definitive ban on cryptocurrency trading in India?
Following the decision of the Reserve Bank of India (RBI) to ban cryptographic banking services,...
Is Algorand a good investment?
Algorand is one of the newly listed altcoins that shows a lot of potential in the crypto market....
What are the top 10 Altcoins?
Contrary to popular belief, bitcoin is not the only cryptocurrency. New cryptos have been...
VeChain and Mastercard Back Australia-China Supply Chain
VeChain and Mastercard show support for the Asia Pacific Provenance project. The council has...
Beechat: Instant Messaging For Cryptocurrency
For those who think that cryptocurrency has reached its peak, it might be time to think again....
Mobi
Are you someone who makes international payments regularly using Bitcoin? Or do you travel a lot and...
Bitcoin.com
Bitcoin.com is a free downloadable Bitcoin wallet that allows users to trade and receive Bitcoins. T...
BTC.com
Created by Bitmain in 2016, BTC.com is a leading open-source Bitcoin and Bitcoin Cash storage platfo...
Cryptopay.me
Updated, Apr 04, 2020 Cryptopay is a revolution for Bitcoin users. This platform offers its custo...
Mycelium
MyCelium is an application for Mobile that offers many possibilities of security and confidentiality...
COMMENTS (0)