Bitfinex wins another pardon for the ongoing Supreme Court case with the New York Attorney General and the motion was approved yesterday which means that the company will not have to present the documents regarding the alleged funding by Tether right away so let’s find out more about it in the latest cryptocurrency news below.
If the decision was not in Bitfinex’s way, this would have led to a continuous supplying of documents with many details for the relationship with Tether. As it stands now, this activity can now be stopped while waiting for the court’s judgment regarding the appeal to dismiss the case entirely. The judge postponed the decision for up to 90 days at the end of July. If the judge rules that the case will not stand, Bitfinex will not have to present the documentation for the relationship with Tether at all. The motion would seem to be a victory for the platform since Bitfinex wins another pardon today but both of the parties stated that they are looking forward to furthering developments. A spokesperson for the attorney general’s office stated that:
“The injunction that prohibits the movement of money between Tether and Bitfinex is still in place. We look forward to making our case in court as we seek to have Judge Cohen’s decision upheld and continue our investigation.”
In the meantime, another representative of the parent company of Bitfinex, iFinex, expressed similar views saying that ‘’We are gratified by the panel’s decision and we look forward to addressing the significant substantive issues before the appellate court.”
The case started with the accusation of the New York Attorney General back in April that BitFinex covered up a temporary loan of more than $850 million with the help of Tether. The money had purportedly been used to fill a hole in the finances of the exchange caused by the payment processor Crypto Capital. The NYAG has since added accusations of servicing the US citizens to its case as we read in the previous altcoin news. The ongoing debacle led to a reduction of the trading volume at the exchange and the daily volumes are now about 3 percent of their levels.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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