Bitfinex & Tether Parent, iFinex, Requests Extension to Produce More Documents in $850M NYAG Case
- The long-running court battle between BitFinex parent company, iFinex, and the Attorney General's office (OAG) could extend a month longer, a recent filing from the defendant to the New York Supreme court on Tuesday confirms.
iFinex is looking to extend the period to produce documents demanded by the Attorney General's office by 30 days, a filing to the New York Supreme court presiding the court case reads. Despite requesting the trial date to be pushed further back, the company expects to finish producing the documents in the coming month after providing “a substantial volume of documents” already.
The letter to the court, dated January 19th, 2021, reads,
“The Respondents [iFinex] 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.”
In April 2019, the state prosecutors charged iFinex for fraud accusing the firm of taking a “massive loan” from BitFinex’s sister company, Tether Inc., to cover an $850 million loss made by the company. The current extension is an addition to the extension the NYAG gave Bitfinex back in September last year – with the document production period ending on January 15, 2021.
The documents show the financial dealings across iFinex and could bring the case a step closer to being resolved.
iFinex is asking for more time to prepare documents that will provide the supplemental information needed by the OAG. Additionally, they are giving the OAG more time to review the document production process and discuss what further proceedings are necessary, the letter reads.
Despite the lawsuits, the Tether (USDT) tokens issued in the market have soared to over $24 billion, pushing up the crypto market along to new all-time highs. Such aggressive demand for the stablecoin has seen the company issue over $3.4 billion in USDT so far in January, BEG reported.