Bitcoin Users Consider Filing A Bitfinex Class Action Lawsuit

It was only a matter of time until somebody decided to take action against the Bitfinex team. A new website has been created, discussing the class action lawsuit against this company. Even if this were to be legitimate, it is doubtful people will get 100% of their money back anyway. This debacle is far from over, though, that much is certain.

A Bitfinex Class Action Lawsuit?

Ever since the Bitfinex exchange was hacked and lost US$65m in Bitcoin, there has been a debate on whether or not a class action lawsuit would take place. After all, exchanges are responsible for safekeeping customer funds, and the company utterly failed in doing so. Then again, no one should store money on an exchange either, so there is some room for debate there.

Things took a turn for the worse once Bitfinex announced they would recuperate losses by reducing user balances. In the end, every platform user who had some balance saw it reduced by 36%. A lot of people are not too happy with this decision, and some are exploring legal means to get their money back.

At the same time, a class action lawsuit might not be the best interest of affected Bitfinex users either, though. While this will force the company to go into liquidation, it will only lengthen the process of getting money back. Just look at what is happening to the Mt. Gox users, who have been waiting on their funds for several years now.

The BitfinexLawsuit website seems to go ahead with pressing charges, though. It is true every platform user has the right to take bitfinex to court, as the company lost their money. Moreover, the issuance of their BFX token and making it tradable against the US Dollar is illegal, unless they have the specific licenses to do so. Right now, that is not the case.

What is rather interesting is how the website mentions legal teams will be hired to help US and EU customers only. For now, it is very doubtful this website is legitimate, though, and may just be another attempt to collect user information. However, that should not deter users from pursuing legal action against Bitfinex if they want to do so.

Source: BitfinexLawsuit

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About JP Buntinx

JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.