New York Supreme Court extends determination of Bitfinex-Tether case

Posted 30 July, 2019

The Supreme Court of New York has not made its final determination on the case against Bitfinex that was filed by the Attorney General Office of New York and decided to extend the preliminary consideration of the case.

According to the reports, Judge Joel Cohen has determined that the case would be extended for another 90 days. This means that the court may hold at least one hearing over that period. The lawyers of the defendants (Bitfinex and Tether) tried to appeal the decision but got rejection.

The case was launched in April when the Attorney General got court decision for Bitfinex and Tether under which all reserves were frozen. The attorney office stated that Bitfinex concealed the information about the loss of $800 million, while this sum was refunded via reserves of Tether Ltd. 

Bitfinex and Tether are run by iFinex Inc.

According to the statements of the attorney office, Bitfinex is believed to provide services to the residents of the New York State which violate the regulation. At the same time, the platform denies these charges adding that the New York Attorney General hardly has jurisdiction to run this case since the users of Bitfinex are foreign residents.

The recent decision also means that the companies will keep running a business but Bitfinex will remain unable to withdraw reserves from Tether.

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