Home » Legal Battle Erupts Between Bitfinex Shareholder and Wall Street Journal

Legal Battle Erupts Between Bitfinex Shareholder and Wall Street Journal

Christopher Harborne and AML Global Ltd. Take Legal Action Against WSJ Alleging Defamation.

by Isaac lane
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Bitfinex Shareholder

In a recent development, Bitfinex Shareholder Christopher Harborne and AML Global Ltd. have taken legal action against the Wall Street Journal (WSJ), alleging defamation following a March 2023 article. The lawsuit, filed in a Delaware state court on Feb. 28, contends that the esteemed financial publication tarnished Harborne’s and AML Global’s reputations with what they claim are baseless accusations of fraud, money laundering, and financing terrorism.

Contentious Allegations

The focal point of the article revolved around Tether and Bitfinex’s purported struggles in maintaining connections with the global banking system. Initially, the piece contained paragraphs implicating Harborne and AML, but these sections were later removed, hinting at potential inaccuracies. Despite holding a minority stake in Bitfinex, Harborne maintains in the suit that he lacks any managerial authority within the company, thus undermining the allegations against him.

Key Players and Investigations

The WSJ article shed light on the intricate web of relationships surrounding Tether and Bitfinex, spotlighting key players such as Brock Pierce and Giancarlo Devasini. Pierce, known for his transition from child actor to serial crypto entrepreneur, and Devasini, a former plastic surgeon turned Bitfinex executive, were depicted as central figures in the creation and management of Tether and Bitfinex.

The report also delved into insights from the New York Attorney General’s investigation, revealing ownership structures within Tether and Bitfinex. Figures like Jean-Louis van Der Velde and Stuart Hoegner, reportedly wielding significant control over Tether in 2018, were highlighted.

WSJ’s Defense and Response

In response to the lawsuit, the WSJ defended its actions, citing a review process that led to the removal of contentious sections from the article. However, Harborne and AML remain steadfast, asserting that the damage caused by the initial publication cannot be undone merely by post-editing.

This legal clash between a Bitfinex shareholder and a prominent financial publication underscores the complexities and controversies surrounding the cryptocurrency industry, as well as the challenges in reporting on such matters accurately.

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