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Bitfinex Blocked from Touching Its Tether Reserves during Lawsuit

Sherlock Gomes by Sherlock Gomes
July 30, 2019
in Crypto news
4 min read
Bitfinex Blocked from Touching Its Tether Reserves during Lawsuit
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Controversial cryptocurrency exchange Bitfinex has been blocked from accessing its Tether (USDT) reserves while litigation filed by the New York Attorney General is in progress.

Bitfinex’s troubles begin

Bitfinex and Tether are sister companies, and the exchange was accused by New York Attorney General Letitia James of having fabricated “conflicting corporate transactions” that gave it access to $900 million in Tether’s cash reserves. It happened after the company tried to hide its losses worth $850 million from users and other stakeholders.

Bitfinex Blocked from Touching Its Tether Reserves during Lawsuit

The issue unfolded in April after which the AG sued the companies. Bitfinex went public in its defense, making a shocking revelation that Tether is backed only 74% by USD reserves. However, it said that the funds had not been misappropriated. Instead, they are locked up with regulators and will be available as soon as they are released by the relevant authorities.

The exchange still suggests that the New York AG has no jurisdiction over their activities. However, the case is pending in court. The exchange, in the meanwhile, has been blocked from accessing Tether reserves as a judge decides whether or not the AG’s lawsuit must be dismissed.

The proceedings till date

The case is registered as Attorney General of the State of New York vs. Ifinex Inc.450545/2019, New York State Supreme Court, New York County.

On Monday, Justice Joel Cohen of the New York State Supreme Court extended an injunction issued in April that prohibits the exchange from accessing or making claims on cash reserves of Tether. The companies are also banned from loaning the reserves. The injunction will continue till he judges decide if the case should be dismissed.

He noted,

“I will extend the injunction … if I dismiss the case then obviously the injunction goes with it. If I don’t dismiss the case, the injunction will be extended. The idea is to keep things where they are until the decision of this motion, so the decision is to extend the stay and … extend the injunction.”

Both companies are controlled by Ifinex Inc., a Hong Kong based entity. As residents of the US are not allowed to trade on the exchange, the company believes that the New York AG cannot drag them to court. The company has registered itself in the British Virgin Islands, and the litigation has impacted the ability of its affiliated entities from using their funds freely.

If the judge decides to allow the AG’s case, then the injunction will be extended for another 90 days.

Tags: BitfinexlawsuitNew York Attorney GeneralTether

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CryptoVibes (formerly FXTimes) is a daily Cryptocurrency and Forex industry news website that has covered the latest news in the industry since 2017. Our goal is to drive transparency in the finance industry and provide news for our users on blockchain, exchanges, business and industry regulation.

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Sherlock Gomes

Sherlock Gomes

Viraj has been writing for FXTimes covering Cryptocurrencies and Forex news for 2 years now. Also known as 'Sherlock', Viraj comments on the latest businesses emerging in the blockchain industry. His areas of expertise are Bitcoin and Blockchain. He enjoys covering new startups and busting myths across the industry.
email:viraj@fxtimes.com

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