Tether And Bitfinex Produced About 2 Million Documents To NYAG

Tether and Bitfinex produced about 2.5 million documents to the NYAG but claim that they need more time to produce more papers so let’s read more in today’s Tether news.

Tether and Bitfinex produced more than 2.5 million documentation pages as a response to the NYAG request. The parent company iFinex expects to finish turning in the documents to the Office of the New York Attorney General in the next 30 days. The two companies maintain that the USDT stablecoin is now fully backed by their reserves.

We just filed this letter in the special proceeding in New York on behalf of all parties. AMA @bitfinex @Tether_to pic.twitter.com/LosOEGVDS6

— Stuart Hoegner (@bitcoinlawyer) January 19, 2021

iFinex is the parent company of the Tether and Bitfinex who are the issuers of the eponymous stablecoin Tether coin which provided millions of documentation to the New York Attorney General in regards to the investigation with it getting into the alleged lack of disclosure over the missing $850 million which was seized by police from the banking partner. The company asked for the New York Stated Supreme Court for a “few more weeks to produce supplemental information.”

In a letter that was submitted two days ago, iFinex says it is planning on contacting the court in the next 30 days to “provide a final status update or to schedule a conference to discuss any open items.”  According to the General Counsel of both companies, the discussions with the AG’s office are going well and are quite productive:

 “We look forward to continuing those. We have mediated our disputes, which I think is positive progress. Unfortunately I can’t share further details here.”

Sorry to break this to FUD spreaders. Tether and Bitfinex produced more than 2.5M documentation pages in response to requests from NYAG. Discussions are progressing well. Business as usual after the 15th of Jan. https://t.co/VoEsRuJyyP

— Paolo Ardoino (@paoloardoino) January 10, 2021

Earlier this month, Bitfinex and Tether CTO Paolo Ardoino said that the two companies have produced more than 2.5 million documentation pages in a response to the NYAG while in 2019, NYAG Letitia James filed an order to the NY State Supreme Court accusing Tether or Bitfinex of covering up the losses of about $850 million of corporate and client funds. The NYAG claimed that these companies handed the funds to Crypto Capital Corp which is a third-party payments processor service based in Panama to handle the requests of withdrawals. When Crypto Capital failed to fulfill the commitments as the respondents allegedly hid the losses.

The accusations made fresh speculations that Tether printed new tokens with any actual backing by US dollars something the critics of the coin are arguing for a few years before. Are reported in 2019, Tether was responsible for driving up the BTC price and many still fear that the value of the stablecoin will drop and will have a catastrophic impact on the biggest cryptocurrency as well.