{"id":379822,"date":"2019-04-25T22:04:14","date_gmt":"2019-04-25T22:04:14","guid":{"rendered":"https:\/\/wncen.com\/?p=379822"},"modified":"2024-06-11T07:39:47","modified_gmt":"2024-06-11T07:39:47","slug":"tether-bitfinex-legal-imbroglio-bitcoin-price","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/tether-bitfinex-legal-imbroglio-bitcoin-price\/","title":{"rendered":"Brief: Tether And Bitfinex Legal Imbroglio Tanks Bitcoin Price By 5.8% In Minutes"},"content":{"rendered":"
A document unveiled by the New York Attorney General’s (NYAG) office on Thursday has revealed that iFinex, the company behind both Tether (USDT) and Bitcoin exchange Bitfinex, is coming under legal pressure.<\/p>\n
In a press release posted earlier this hour, the NYAG’s office revealed that iFinex may be violating “New York law” in relation to activities that “may have defrauded” local investors that trade cryptocurrencies. The office even wrote that it is attempting to expose “ongoing fraud” being perpetrated by Bitfinex and Tether, which are two startups that have long been under fire from cryptocurrency’s demographic of skeptics and conspiracists.<\/p>\n
The suit has also revealed that Bitfinex purportedly sent $850 million to a Panama-based company, lost access to the funds as a result of a government seizure, and had to dip into Tether’s cash reserves.<\/p>\n
\nAccording to the official document released by the New York AG's office, Bitfinex sent $850 million to a company based in Panama, didn't get it back, and granted itself access to $900 million Tether cash reserves.<\/p>\n
Official document: (https:\/\/t.co\/DzQkqtHB4d<\/a>) pic.twitter.com\/rZQL55Cncc<\/a><\/p>\n
— Joseph Young (@iamjosephyoung) April 25, 2019<\/a><\/p><\/blockquote>\n