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Bitfinex General Counsel Bashes New Class Action: Details

Fri, 04/10/2020 - 12:50
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Vladislav Sopov
Stuart Hoegner, general counsel of Bitfinex, has shared updates on the proceedings on a very strange class action suit against top cryptocurrency platforms
Bitfinex General Counsel Bashes New Class Action: Details
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Mr. Stuart Hoegner, blockchain lawyer and editor of the bestselling The Law of Bitcoin, claimed that the prosecution shouldn't expect satisfaction, even after the long-awaited amendment to their complaint.

90 days for new class actions

According to Mr. Hoegner, the attorneys that recently filed the lawsuit against Bitfinex and Tether, asked the court for additional time to 'amend' their documents. But it looks like they decided to spend this time another way.

Instead of amending the claims against Bitfinex, the Roche Friedman law firm filed new lawsuits against top-notch crypto trading ecosystems, including Binance and BitMEX as well as against, TRON Foundation and Status. As per the claims, the blockchain teams issued unregistered securities in the form of ICO tokens while the exchanges helped them sell it. 

Plaintiffs mentioned in the new complaints invested in the ICO-projects through the exchange platforms they have now decided to sue in U.S. court.

Don't hope for a payday

Mr. Hoegner highlighted that the positions of Tether and Bitfinex remain unchanged: the class action against them is baseless. Moreover, according to him, it poses a threat to the worldwide blockchain community:

Their actions againist Tether and Bitfinex are a direct attack against the efforts and commitment of our customers, our stakeholders, and the entire digital token community.

Thus, the claimants have zero chances for success, the Bitfinex representative outlined. His 'hope' is that the attorneys of the plaintiffs come to understand that 'there will never be a payday' from Bitfinex and Tether.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (, Monoreto, Attic Lab etc.)