Final warning to Bitfinex and Tether


The New York Attorney General’s Office stated that the documents requested before Bitfinex and Tether 17 are still not received and the required file must be sent within two months.

The New York Attorney General’s two companies in the cryptocurrency world are about to run out of patience with Bitfinex and Tether.

Attorney General’s senior executive advisor, John Castiglione, sent a letter to the 2 companies stating that the documents requested by the institution 17 months ago still did not reach them and that the required file should be sent within 2 months.

The lawyer representing the two sister companies stated that the documents requested in relation to the subject concern a wide range of issues and that this should be limited.

While Castiglione said, “Delays must end and participants must be promptly prompted to comply,” New York State Supreme Court Judge Joel M. Cohen also took the trial Thursday after complaints from Bitfinex and Tether for not yet delivering any documents.

“Customers trust us, the market value has reached $ 14 billion”

Charles Michael, an attorney of Steptoe and Johnson LLP representing Bitfinex, also opposed extending a measure preventing Tether from lending money to Bitfinex for another 90 days, and said, “Documents allegedly hidden have been in the open for 17 months. Customers use their Tether as they wish. Without a ban… Even the market value has increased 6 times to 14 billion dollars… Customers trust us ”.

How did the 17-month story begin?

It started in April 2019, which spans a long period of time. The Attorney General’s Office stated that Bitfinex lost access to its customers’ funds of $ 1 billion and covered this money from Tether. Tether’s company owner and some executives are the same as Bitfinex… Company advisors said that the loan and loan negotiations were legally negotiated independently of each other.

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Later, the NYAG attorney general’s office passed an injunction preventing Tether from sending further funds to Bitfinex and ordered firms to share all documents related to the deals and documents about Tether issuances, among other concerns.

Bitfinex and Tether, on the other hand, objected to this decision, but with the decision of the court of appeal in July, there was a rejection decision for both companies.

The letter sent to the two companies on Monday shows that the patience of the attorney general’s office is now tested. NYAG requests Bitfinex and Tether to prepare a large dossier within a week containing US dollar withdrawal requests, tax documents and account information.


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