Bitfinex and Tether Score Legal Victory Against NYAG

Libra Coin News
Thu, 10/10/2019 - 15:15
Alex Dovbnya
New York Judge Joel M. Cohen denies the NYAG's request to force Bitfinex to compile all documents
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Flagship stablecoin issuer Tether and affiliate exchange Bitfinex are not required to collect documents that pertain to its $850 mln cover-up that was unraveled by the New York Attorney General's office (NYAG) back in April, Coindesk reports. 

At the end of September, New York Supreme Court Judge Joel M. Cohen announced that Bitfinex could stop turning over documents to the NYAG after the exchange appealed his prior decision that was made in favor of the NYAG's office. 

Tether to Roll Out Yuan-Backed Stablecoin That Will Probably Enrage Chinese Regulators

As reported by U.Today, NYAG Letitia James took the crypto market by the storm on Apr. 26 by accusing Bitfinex of losing $850 and using Tether reserves in order to make up for the loss. This kickstarted a prolonging a neverending legal battle (both parties are expected to voice their arguments in early 2020). 

Tether's legal problems do not stop there. The company behind the coin with the highest trading volume was recently hit with a class-action lawsuit over alleged marked manipulations with the defendant's liability reaching a whopping $1.4 trln.

Bitfinex CTO Paolo Ardoino called this lawsuit "an attack on the entire industry."

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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