In the latest cryptocurrency news, we have the New York Supreme Court and Justice Joel Cohen granting Bitfinex’s motion to modify an injunction. The announcement was officially published on Bitfinex’s blog on May 16.
As the announcement says, the court order by the New York Supreme Court will allow the Bitfinex exchange as well as its stablecoin operator Tether to continue doing normal business. Furthermore, it states that the original injunction by the New York Attorney General (NYAG) will expire in 90 days, stating that any motion to review it will be the responsibility of the NYAG itself.
“Today, the Hon. Joel M. Cohen of the New York Supreme Court (Commercial Division) granted our motion to modify the injunction obtained by the New York Attorney General against our business because the original injunction was vague, overbroad, and not time-limited. The court’s order allows Bitfinex and Tether to continue their normal business activities,” was the statement from Bitfinex.
As Cohen wrote in the decision which made the altcoin news:
“…the Court finds that the preliminary injunction should be tailored to address OAG’s legitimate law enforcement concerns while not unnecessarily interfering with Respondents’ legitimate business activities.”
The New York Supreme Court and the NYAG alleged that Bitfinex lost $850 million already and used funds from Tether to secretly cover the shortfall. The exchange also responded to the allegations and said that they were “filled with inaccuracies and false assertions,” as many best cryptocurrency news sites reported.
Even though this motion will still allow Bitfinex to operate with its business, it will also require the exchange to turn over information regarding a loan and line of credit. The New York Supreme Court’s decision, however, forbids Tether from loaning any assets to Bitfinex as well as other parties, distributing reserve funds to its employees or modifying any of the documents that are subpoenaed by the NYAG.
“This order is a victory in the ongoing defence of our business against the New York Attorney General’s office,” Bitfinex concluded, maintaining its optimism regarding the decision.
The exchange also said that they will remain committed despite the New York Supreme Court action, “to protecting our customers, our business, and our community against the meritless claims.”
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“The acceptance of Block.one’s tender offer reflected a decision to rebalance the portfolio to maintain an appropriate level of diversification after the position increased due to its substantial outperformance relative to the remainder of the portfolio,” Novogratz then said.As the filing shows, Galaxy Digital Bank can attribute much of this loss to its principal investing and trading businesses, presumably due to the fact that November and December saw Bitcoin and many other coins falling to fresh lows, as the altcoin news showed. The filing notes that Galaxy Digital Bank is primarily founded by Novogratz's wealth, 20% of which is purportedly invested in Bitcoin and Ethereum. Even though the company lost $272.7 million in all of 2018, much of the losses were incurred as a result of sale of cryptocurrency. One Twitter analyst also went in detail on this. https://twitter.com/zhusu/status/1126394118093950983 However, this is not the end of Novogratz & co. The report revealed that as 2018 ended, Galaxy Digital Bank owned $350 million of assets, 50% of which constituted equity/stake in prominent industry startups. More importantly, Galaxy Digital announced the launch of another fund (rumored with hundreds of millions in funding) which will loan out capital to cryptocurrency firms - a business which has boomed during the 2018 bear market - as the latest cryptocurrency news show.
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“BSV doubled on Craig’s copyright news. This is only the start of him proving BSV is the only bitcoin. Now is a great time to convert all your other shite coins to Bitcoin.”However, as reported in the latest cryptocurrency news, the copyright does not entitle Craig Wright with any exclusive rights on Bitcoin. It seems as the big pockets are pouring and pumping the Bitcoin SV market to confirm the ‘’we-are-the-best’’ slogan. A massive 200 price surge is one of the reasons why traders should restrain themselves from buying the high or the lower lows. The Bitcoin SV (BSV) price corrected up to 53 percent before establishing a historic high at $195 on Huobi. The market bias is currently bullish and the majority of the technical indicators signal the strong buying sentiment. With the flawed fundamentals, a dump right now should not surprise the market.
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