Lawyer for Bitfinex, Tether says firms are almost finished producing documents sought by NYAG


A new court filing indicates that the New York Attorney General has received much of the information it has sought from iFinex, the parent company of stablecoin issuer Tether and crypto exchange Bitfinex.

The letter, penned by Steptoe partner Charles Michael, explains:

"The Respondents have largely completed the document production and have produced a substantial volume material to the Office of the Attorney General (“OAG”) in the past few weeks, although there remain supplemental agreed-upon items that need to be completed. The parties will need a few more weeks (i) to produce the supplemental information, (ii) for OAG to review the production, and (iii) to discuss further among themselves what if any further proceedings may be necessary."

The document production is part of the longstanding case between the two which began in April of 2019. At that time the NYAG alleged that iFinex had co-mingled funds between its offshoots Bitfinex and Tether to cover up an $850 million loss for Bitfinex. 

During the course of 2020, the NYAG sought to compel iFinex to produce documents related to its investigation. Bitfinex and Tether repeatedly disagreed during the court proceedings, citing jurisdictional issues among other arguments to avoid producing the documents.

However, the NYAG won the ruling and iFinex later lost its appeal on the decision in July. iFinex later failed to produce the documents during the court-appointed, 60-day window, leading to further proceedings.


Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Investing giant Pimco is considering trading cryptocurrencies

Pimco, a $2 trillion investment firm, could potentially begin trading spot cryptocurrencies, the firm’s chief investment officer Daniel Ivascyn confirmed to CNBC.  The firm, which has engaged with the market via crypto-linked securities, is now looking at “trading certain cryptocurrencies as part of our trend-following strategies or quant-oriented strategies, then doing more work on the […]
Read Full Story
Oct 20, 2021, 6:59PM UTC

Here's how one of NYSE's largest market makers is breaking into DeFi

On this episode of The Scoop, founder Ari Rubenstein and founder & CEO Ryan Sheftel joined host Frank Chaparro to discuss the launch of their new crypto firm, called Radkl. Radkl, which was born out of trading firm and New York Stock Exchange market maker GTS, is a new digital asset trading business. GTS currently […]
Read Full Story
Oct 20, 2021, 2:23PM UTC