New York Attorney General doubts data request to be too expensive-to-satisfy for Bitfinex

Posted 02 August, 2019

The stand-off between Bitfinex-Tether and New York Attorney General is running on. This time, Bitfinex and Tether complained that they had already spent about half a million dollars for collecting the documents required by the plaintiff. The New York Attorney General believes that actions hardly overloaded the companies.

The lawyers of the companies filed a complaint with the Supreme Court of New York saying that it was spent about $500,000 and engaged about 60 legal experts to gathering the information that had been requested by the Attorney General.

Meanwhile, the Attorney General Office sent a letter to New York State Supreme Court Judge Joel M. Cohen saying that they required only the information that must be up and ready in every high-level trading platform.

"Such information includes, among other things, information evidencing orders, issuances, and redemptions of tethers; a current accounting of Respondents' corporate, trading, and client accounts; tax filings; and information about clients who requested cash withdrawals from the Bitfinex platform," as it was stated in the letter.

Notably, the Attorney General said that Bitfinex and Tether will have to provide this data even despite the suspension of the proceedings.

The case was launched in April when New York Attorney General charged Bitfinex with concealing the loss of $800 million, which was refunded with Tether's reserves.

Previous story

02 August, 2019 13:38

← Walmart can create its own stablecoin

Retail giant Walmart wants to develop its own digital currency, similar to the cryptocurrency project of Facebook. This is evidenced by a new patent application of the company.

Walmart can create its own stablecoin

Next story

02 August, 2019 11:13

Anthony Pompiano: Every central bank will buy Bitcoin  →

Central banks around the world will soon begin to buy bitcoins in large quantities instead of gold. About this in his Twitter said the co-founder of Morgan Creek, Anthony Pompiano.

Anthony Pompiano: Every central bank will buy Bitcoin 
Write a comment
Prove you’re not a bot + 15 = 22