NYAG Office Asks Court To Stop Allowing Bitfinex to Stall Its Tether Investigation

A new chapter in the battle between the New York Attorney General (NYAG) and Tether/Bitfinex has been recently started. A letter disclosed by the NYAG, which was written by counsel John Castiglione and filed last month, affirms that the crypto company has not provided the documents which were requested.

In case you haven't read about the case, the NYAG is pursuing a lawsuit against Tether, the stablecoin provider, for lending money to Bitfinex that was used to back its stablecoin. Now, the NYAG is asking Bitfinex to present the necessary documentation concerning the case and the company is trying to stop the case by stating that the NYAG does not have any jurisdiction over its services.

Now, according to the New York entity, both companies have failed to provide the documents that would be related to the alleged cover-up of the inter-company loan.

The judge ruled in favor of the NYAG, but soon accepted a temporary stay over the production of the documents. Now, the company has until November to produce the documents.  The NYAG then complained to the judge that Bitfinex is not making any effort to provide the documentation.

To speed up the process that Bitfinex and Tether are trying to slow down, Castiglione asked the judge to order them to compile all documents now. If the judge does not agree with this decision, the NYAG believes that Tether and Bitfinex will just keep stalling for as long as possible.

While the case is stopped, Bitfinex and Tether have no comments on the situation. It seems that, if it depends entirely on them, they may just pause it forever.

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Gabriel Machadohttps://bitcoinexchangeguide.com/
Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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