What exactly is the situation between Tether and Bitfinex’s roof company IFinex and the New York Attorney General?
In the cryptocurrency world, many investors are following the developments that will occur on Tether’s side tomorrow, on January 15th.
So what exactly is the case between Tether and Bitfinex’s roof company IFinex and the New York Attorney General?
In April 2019, the New York Attorney General claimed that Tether funded Bitfinex. The claim that Bitfinex, who lost $ 850 Million after the attack, funded the lost funds with Tether’s reserves, confused. The funds allegedly used for cover-up through Crypto Capital are the main subject of the current case.
In May 2019, NYAG had requested many documents from Bitfinex and Tether. On July 29, Judge Joel Cohen extended the injunction for 90 days on the grounds that he was not ready to make a final decision.
In August, NYAG revealed new evidence that Bitfinex and Tether served people living in New York for much longer than stated, with the exception of using the $ 850 Million fund.
In addition, NYAG has likewise included the LEO Token sale made by Bitfinex to the file. The claim that the LEO sale was also carried out to fund the losses was added to the file.
What’s on January 15?
The deadline for submission of Tether and Bitfinex, which indicates that the requested documents are being prepared, is January 15th. For Tether, who stated that the documents were prepared for a long time, the period was extended many times. In the statement made by the NYAG Attorney General, it was informed that the missing documents will be completed by 15 January. At this point, Tether expires tomorrow. The required documents are detailed documents regarding the financial transactions of Tether and Bitfinex.
Tether, one of the biggest players in the cryptocurrency world, is also the biggest player in the stablecoin world. For this reason, it seems that there may be a significant development tomorrow regarding the process, which is strictly followed by the cryptocurrency ecosystem.
While speculation about whether there will be a move against Tether by the SEC, which has placed XRP on the target board in the past period, great excitement is expected by many individuals and institutions on January 15.
With all these events, the court’s decision on behalf of the defendant Tether is of great importance.