Tether and Bitfinex seek further 30 days to produce critical trial documents
iFinex Inc needs another 30 days to produce trial documents for the New York Attorney General. iFinex Inc — the parent company of crypto exchange Bitfinex and stablecoin issuer Tether (USDT) — has written to the New York Supreme Court requesting that its upcoming trial date be pushed back even further.According to a filing submitted to the New York court system on Jan. 19, the legal counsel for iFinex Inc requested another 30 days to produce the documents demanded by the Office of the Attorney General (OAG). The document production process was supposed to be completed by Jan. 15 — a date....
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The New York Attorney General’s Office has reported that Ifinex is cooperating in producing documents regarding Bitfinex and Tether’s business relations from April 2019. The Office of the New York Attorney General, or OAG, has requested a deadline extension for iFinex Inc — the parent company of both crypto exchange Bitfinex and stablecoin issuer Tether — to produce the documents requested for their ongoing legal battle.On Dec. 9, 2020, the OAG wrote to Justice Joel Cohen to request the deadline be pushed back until Jan. 15, 2020 — presumably a typo and actually a request for the same date....
The NYAG has said Tether and Bitfinex have been cooperating in its inquiry, which is expected to progress more quickly once the documents are provided.
A half-billion dollar loan has been closed out, but multiple court cases grind on In a short statement today, Bitfinex — the sister company to centralized stablecoin Tether — announced that it has repaid Tether an outstanding loan balance of $550 million. This action fully closes out a larger $750 million loan from a $900 million credit line first issued in 2018 — a credit line which has been at the center of a market manipulation lawsuit in New York and a broader lawsuit from the New York Attorney General, among other legal proceedings. “Bitfinex is happy to announce that in January it....
The issue deals with a lawsuit that has been ongoing since October 2019. On Wednesday, Tether (USDT), the issuer of the U.S. dollar-pegged USDT stablecoin, said that a recent order by a U.S. judge to provide evidence of USDT backing is part of routine discovery in court cases. The firm said that the decision did not substantiate any of the claims listed in an ongoing lawsuit: "We had already agreed to produce documents sufficient to establish the reserves backing USDT, and this dispute merely concerned the scope of documents to be produced. As always, we look forward to dispensing with....
New York regulators are forcing Tether to be fully transparent about its reserves, at the cost of not serving New York residents. Bitfinex and Tether settled with the New York Attorney General office in the landmark case against Tether. New York authorities alleged that Tether misrepresented the degree to which Tether (USDT) coins were backed by fiat collateral.The settlement requires Bitfinex and Tether to pay $18.5 million for damages to the New York State, as well as submit to periodic reporting of their reserves. The terms of the settlement mandate Bitfinex and Tether to report their....