Bitfinex ‘disappointed’ as court rules $850M cover-up probe will proceed
Tether issued a statement in response to Monday’s New York State Supreme Court ruling, saying that they are “disappointed” but will file an appeal.
Tether issued a statement in response to Monday’s New York State Supreme Court ruling, saying that they are “disappointed” but will file an appeal.
80% of all USDT Is held by just over 300 people, and that can cause a lot of havoc on the dark coin markets.
Cryptocurrency exchange Bitfinex and stablecoin issuer Tether thought they could convince a judge in New York that the state had no jurisdiction over the entities.
Tether and Bitfinex have argued that the customers indicated by the NYAG were foreign eligible contract participants (ECP) that are allowed to be serviced by the exchange.
Tether admitted to accidentally creating billions in USDT, but the question is if its always an accident.
Metropolitan Commercial Bank based in New York has contacted Tether and requested that it close its accounts.
Tether and Bitfinex have tried to argue for the dismissal of the case because they don’t have anything to do with New York.
Troubled crypto exchange Bitfinex has confirmed it has repaid $100 million of the money it borrowed from sister company Tether.
The Bitcoin Core (BTC) recent market rallies that jump from $7,000 to $12,000 in less than a week stir questions and surface the Tether-linked involvement in 2017.
The Tether's moved of $5 million funds from its treasury to an unknown wallet, prompting questions about the company's activities.
Where there was once a significant amount of inflow and relatively little outflow, the two have flip-flopped in recent days, with more outflow than inflow being recorded.
IFinex Inc. has asked courts to consider loosening restrictions on how its Tether funds can be used, amid ongoing probe by the New York Attorney General.